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Redfairen

(1,276 posts)
Thu Feb 27, 2014, 12:27 AM Feb 2014

Wells Fargo cuts 700 jobs, including 203 in Twin Cities

Source: Minneapolis Star Tribune

Wells Fargo & Co. said Wednesday that it is cutting 700 employees, including 203 in the Twin Cities, as demand for mortgages continues to shrink.

The San Francisco-based bank said it notified affected employees Wednesday, and that almost all of them work at the Wells Fargo Home Mortgage campus in south Minneapolis. Some work elsewhere in the Twin Cities.

The cuts follow scattered layoffs in the Twin Cities in January in which Wells Fargo laid off fewer than 30 mortgage-related workers.

“We currently expect mortgage origination volumes to decline in first quarter 2014, reflecting seasonality in the purchase market and lower (refinancing) volumes,” bank spokeswoman Peggy Gunn said in an e-mailed statement.



Read more: http://m.startribune.com/?id=247349081

9 replies = new reply since forum marked as read
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Wells Fargo cuts 700 jobs, including 203 in Twin Cities (Original Post) Redfairen Feb 2014 OP
Best Buy, Wells Fargo - why do I feel like the REAL recession is just starting? djean111 Feb 2014 #1
Best Buy is becoming useless titaniumsalute Feb 2014 #5
That's true, but it makes me sad. bitchkitty Feb 2014 #6
I like bookstores also. titaniumsalute Feb 2014 #7
Wells Fargo was one of the banks that got INdemo Feb 2014 #2
Are you talking about TARP? B2G Feb 2014 #3
no it wasnt INdemo Feb 2014 #4
Yes, it was B2G Feb 2014 #8
Read this article and INdemo Mar 2014 #9
 

djean111

(14,255 posts)
1. Best Buy, Wells Fargo - why do I feel like the REAL recession is just starting?
Thu Feb 27, 2014, 12:34 AM
Feb 2014

The inability to buy things due to low wages is visible in the rear-view mirror.
Inevitable, really.
I was thinking the other day that nowadays, what with layoffs and such, buying a house is a huge leap of faith.

titaniumsalute

(4,742 posts)
5. Best Buy is becoming useless
Fri Feb 28, 2014, 09:47 AM
Feb 2014

My last two large electronics purchases (a TV and a Gaming system) were shopped at Best Buy and then I bought them online. I never spoke to a person at Best Buy. I just shopped to look at what I was buying and then bought online. I can see why some brock and mortar stores are going away. Same with bookstores. Between Amazon book buying and the electronic pads who needs a bookstore?

INdemo

(6,994 posts)
2. Wells Fargo was one of the banks that got
Thu Feb 27, 2014, 09:33 AM
Feb 2014

millions in the bank swindle of 2008. They certainly would not want to tap into any of that money..
If you've ever banked with Wells Fargo perhaps you might agree that they are not really a bank but a Division of Organized Crime that has the backing of the Federal Government.

INdemo

(6,994 posts)
4. no it wasnt
Fri Feb 28, 2014, 08:21 AM
Feb 2014

Wells Fargo used their share to buy Wachovia Bank.
Do the research. The money given to the banks during the so called recession was a bailout and much of that money was never repaid.

 

B2G

(9,766 posts)
8. Yes, it was
Fri Feb 28, 2014, 11:59 AM
Feb 2014

You're the one who needs to do the research. They were issued the TARP funds in October of 2008 and it was repaid by December 2009.

They did not use the money to buy Wachovia.

And all insitututions have repaid TARP funds, with the exception of AIG.

INdemo

(6,994 posts)
9. Read this article and
Wed Mar 12, 2014, 03:39 PM
Mar 2014

about the last paragraph it reads there were negotiated terms for leaving the TARP ,so they repaid it but then didn't repay the taxpayer money for security purposes they didnt not release the terms of the agreement. So the Government made sure they had enough operating capital...By the way do you work for Wells Fargo?

http://www.huffingtonpost.com/2011/09/29/banks-tarp-bailout_n_988148.html

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