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Wells Fargo announced Thursday the removal of 116 jobs in the Charlotte metropolitan area as part of the previously announced project to reduce the bank's total workforce by 5 to 10 percent over the next three years.
Thursday's cuts were among 1,000 announced across the country, the San Francisco-based bank said. The people involved are working in the bank's consumer credit group and in its payment group, virtual solutions and innovations, Wells said.
Among the cuts made in the Charlotte area, 111 are part of the management of mortgages at Fort Mill, said the bank. Wells did not specify where the other five work in the area, but said they belong to various housing loan groups, virtual solutions and innovations located elsewhere.
Wells Fargo unveiled the job reduction plan in September. At the time, she stated that the initiative was aimed at streamlining the bank and focusing it more on the clientele.
Wells Fargo employs approximately 25,000 people in the metropolitan area, its main employment pole.
"These changes go hand in hand with a broader transformation effort … aimed at focusing our business on changing customer preferences, adopting more and more fast digital self-service features, as well as only on operational excellence and efficiency, "Wells said in a statement.
"This very difficult decision was taken after careful thought and careful thought and does not reflect the quality or performance of these team members," the bank said.
He added that the Charlotte metropolitan area will continue to have the largest concentration of Wells workforce and that it has close to 1,000 job vacancies in the region.
The cuts come as Wells continues to press for repair of his reputation following a scandal in 2016 involving the creation of unauthorized accounts receivable, as well as new revelations about the harms suffered by customers. This information cost the bank business.
Wells Fargo reported having approximately 261,700 employees throughout the company at the end of September. The elimination of 5% of this number implies 13,085 jobs and 10% of 26,170 jobs.
In Fort Mill, employees affected by Thursday's announcement mainly worked for the troubled housing bank, Wells Fargo said. She added that the number of clients in need of such assistance had significantly decreased as a result of improvements in the housing market and lower rates of delinquency and foreclosure.
Wells said she was determined to retain as many employees as possible and that she would make every effort to help them identify other opportunities within the company. ;business.
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