Job cuts in Charlotte

More job cuts at Wells Fargo

Excerpt:

Job cuts at Wells Fargo in Charlotte are underway. We don't know how many people have been told they’re out of a job, but our news partners at the Charlotte Observer say layoffs are already happening quietly but steadily.

“The layoffs are always going to be deeper in the headquarters city of the acquired bank,” said banking expert and UNCC professor Tony Plath.

We just don't know how deep but Plath puts the estimate at 3000 or 4000.

Charlotte Mayor Pat McCrory hasn't heard a number.

"I don't think they know at this point in time. I think they are still going through that process of decision making,” he said.

The Charlotte Observer says the cuts are starting in risk management and corporate investment.

"Wells is kind of known for going it slow and kind of taking its time, which could be a good thing for Charlotte but leaves people kind of wondering what's going to happen," said reporter Rick Rothacker of the Charlotte Observer.

"The jobs that are reasonably safe are on the retail banking side, the platform people, the tellers, the branch managers and so forth," according to Plath.

Comment: Doesn't surprise me.