Wells Fargo closing 638 Financial Stores with 3,800 Jobs being eliminated

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(Best Syndication News) - Wells Fargo announced that they will be closing 638 of their Wells Fargo Financial stores across the US. Out of the 14,000 employees that work at Wells Fargo Financial, there will be approximately 2,800 jobs that will be eliminated over the next 60 days. They estimate that another 1,000 employees will be laid off in the next 12 months.

This restructuring of their financial division does not affect any of the 6,600 Wells Fargo and Wachovia Community Banking stores and 2,200 Wells Fargo Home Mortgage stores.

The closing of the Wells Fargo financial division was initiated because the company had merged with Wachovia in 2008. They now have 6,600 Wells Fargo and Wachovia community bank stores and have 2,200 Wells Fargo Home Mortgage locations. They note that only 2 percent of all of Wells Fargo's real estate loans came from the Wells Fargo Financial stores in the first quarter of this year.

Customers that have loans with Wells Fargo Financial will be consolidated with a similar product and will not experience any disruption during the process of transferring their loan. The commercial customers at the Wells Fargo Financial will be transitioned over the next 12 months. There will no longer be any origination of non-prime portfolio real estate loans from Wells Fargo Financial Stores.

By: N Wilson

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