Wells Fargo Laying Off 400 Metro Workers, Notices Going out Today

Wells Fargo plans to cut as many as 26,500 jobs over three years as the troubled bank adapts to the rise of online banking.

DES MOINES, Iowa  —  Four-hundred employees of Wells Fargo Home Lending in Iowa are receiving notices today that they are being laid off.

Wells Fargo announced in September that a series of job cuts would be coming across the country.  The company says around 1,000 employees will lose their jobs, including the 400 in Iowa.  The company says the cuts will take effect beginning in 2019.

The cuts will come from the Consumer Lending, Payments, Virtual Solutions and Innovations groups.  The positions cut in Des Moines will come mostly from the “insurance/investor claims and default accounts payable groups.”  The company says the volume of claims the department deals with is down 70% in the last two years.

“This very difficult decision was made following much thought and careful consideration,” Steve Carlson, Vice President of Corporate Communications for Wells Fargo said in a press release issued Thursday morning, “It in no way reflects the quality or performance of these team members. The team members affected by these changes have each been an essential part of our success.”

Wells Fargo says there are hundreds of open positions in the metro and affected employees can apply to those vacancies.