Wells Fargo says Charlotte layoffs reach 548
WFC | Quote | Chart | News | PowerRating -- Wells Fargo & Co. told state officials this week that the company has laid off 548 employees in uptown Charlotte this year as the San Francisco bank absorbs the operations of Wachovia Corp.
The bank said the affected employees work in eight buildings in uptown, including Wachovia's former headquarters. Their departure dates range from Feb. 2 to July 27, "with the majority of them occurring in the next couple of months."
Wells Fargo's letter, dated May 1, arrived at the N.C. Department of Commerce on May 4. Sent under the Worker Adjustment and Retraining Notification (WARN) Act, it's the best glimpse so far of the impact the Wells Fargo acquisition is having on Charlotte, Wachovia's former headquarters.
Wells has said it's cutting the company's combined expenses by 10 percent, but hasn't said how many employees will lose jobs.
"We regularly review and adjust our staffing levels to match the needs of our business, and a reduction is necessary in Charlotte," Wells Fargo human resources vice president Stacey Eggers wrote in the letter.
Wells Fargo spokeswoman Mary Eshet said the job cuts occurred in a wide variety of business and staff units, with the biggest segment likely coming from investment banking and capital markets division. Last month, Wells said it was eliminating 150 jobs in that unit, with about half the cuts coming in Charlotte.
Eshet said employees were given 60 days notice and will have a chance to look for other jobs in the company. Those who don't find other positions receive severance.
Companies must file a WARN notice if they lay off at least 50 people, representing at least a third of the company's active workforce. Companies also must file a WARN if they lay off 500 or more people, regardless of the proportion of workers they represent. Staff Writer Christina Rexrode contributed.
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