(1888PressRelease)
May 04, 2009 - The jobs are in a division that handled Wachovia’s pick-a-pay and option-adjustable-rate mortgages, which the bank no longer writes, says regional spokeswoman Kathy Harrison. The job reductions also are “part of the overall efficiency planning and modeling related to the integration” of Wachovia into Wells Fargo, she says.
The 100 jobs represent “just about” the entire department, which will be consolidated into Wells Fargo’s mortgage-refinance operations in San Antonio, Harrison says.
San Francisco-based Wells Fargo will see if the affected employees can find other jobs with the company. If not, they will be eligible for benefits and outplacement assistance.
Wells Fargo (NYSE:WFC) acquired Charlotte, N.C.-based Wachovia in December.
https://www.wellsfargo.com/
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