Boston, MA 10/22/2013 (wallstreetpr) – The largest bank in the United States by market capitalization, Wells Fargo & Co (NYSE:WFC) has announced to further lay-off 925 employees including 71 from the local Des Moines area, pushing total workers figure to 6511.
The main reasons of this massive cut-off is the increasing interest rates and company’s cost cutting decision to support profit growth, said Angela Kaipust, Assistant Vice President of Communications, Wells Fargo. He also added that Wells Fargo is in a quest to reduce its employees as the company is planning to align its workforce according to current market trends and business needs.
The workers will be given a 60-days notice and they will obtain the same salary and benefits during their notice period. Within the notice period, if an employee fails to find a new position in the bank, he will be given extra benefits like separation pay and outplacement assistance.
Although this lay-off decision was made earlier by the company, the recent announcement has created a chaos among the employees as no wants to see the exit door from one of the world’s largest banks. But the good news is that, there are hundreds of openings in the bank everyday and if a 60-days notice worker manages to find another position, he can continue to work.
About Wells Fargo & Co (NYSE:WFC)
Wells Fargo & Company is one of the world’s largest bank holding companies providing diversified financial solutions to its clients. The company mainly operates in three segments namely Wholesale Banking and Wealth, Community Banking and Brokerage and Retirement. The company offers corporate and commercial banking services, internet, retail services, and distribution channels to individuals and business to all the 50 states of the U.S, the District of Columbia and many other nations. Wells Fargo also provides other financial solutions to various institutions through its subsidiaries and associates.
