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Wells Fargo to close W.F. Financial
SAN FRANCISCO, (UPI) -- Wells Fargo & Co. said Thursday it would close its 638 Wells Fargo Financial stores, folding its lending business into its banks and closing out 3,800 jobs.
About 14,000 employees currently work at Wells Fargo Financial, which serves many low-income neighborhoods, offering mortgage and auto loans. However, less than 2 percent of the firm's real estate loans originated at Wells Fargo Financial stores in the first quarter, the company said in a statement.
The business is 100 years old, "But the economics of a separate Wells Fargo Financial channel are no longer viable," said David Kvamme, president of the subsidiary.
Wells Fargo said it would cut 2,800 jobs within two months and 1,000 more within a year.
The company, Kvamme said, has identified jobs for "thousands" of employees displaced by the decision.
SAN FRANCISCO, (UPI) -- Wells Fargo & Co. said Thursday it would close its 638 Wells Fargo Financial stores, folding its lending business into its banks and closing out 3,800 jobs.
About 14,000 employees currently work at Wells Fargo Financial, which serves many low-income neighborhoods, offering mortgage and auto loans. However, less than 2 percent of the firm's real estate loans originated at Wells Fargo Financial stores in the first quarter, the company said in a statement.
The business is 100 years old, "But the economics of a separate Wells Fargo Financial channel are no longer viable," said David Kvamme, president of the subsidiary.
Wells Fargo said it would cut 2,800 jobs within two months and 1,000 more within a year.
The company, Kvamme said, has identified jobs for "thousands" of employees displaced by the decision.
