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
djean111
(14,255 posts)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)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?
bitchkitty
(7,349 posts)I start remembering the first time I bought a book. I was six.
titaniumsalute
(4,742 posts)But I have trouble finding time to go. Plus most around me are gone.
INdemo
(6,994 posts)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.
B2G
(9,766 posts)That was all paid back with interest.
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.
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)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