Wells Fargo is now expected to announce another round of massive layoffs due to the continued decline in the economy at a board meeting later today.
The company says the layoffs will occur across all locations, including here in the Queen City.
Wells Fargo is currently the 2nd largest employer here in Charlotte, employing over 27,000 workers across several local campuses.
The company sent a statement to Fox Charlotte saying:
“We are at the beginning of a multiyear effort to build a stronger, more efficient company and improve the experience for our customers, employees, communities, and shareholders. The work will consist of a broad range of near, medium- and long-term actions, including workforce reductions, to bring our expenses more in line with our peers and create a company that is more nimble, streamlined, and customer-focused.
As part of our efforts to strengthen the foundation of our company, we will have workforce reductions in most geographies across our footprint and nearly all of our business lines and functions, and expect to reduce the size of our workforce through a combination of attrition, the elimination of open roles, and job displacements. We are executing this work in a thoughtful and deliberate manner, and we will communicate openly and honestly with impacted employees and provide severance, career assistance, and other services to assist them.”
We will update this article with specific details once the official announcement is made.