Wells Fargo Layoffs: What WFC Stock Investors Need to Know

Wells Fargo (NYSE:WFC) layoffs are reportedly on the way for employees of the financial services company.

A Wells Fargo (WFC) sign hangs on a brick building in Bloomfield, Connecticut.

Source: Martina Badini / Shutterstock.com

News of the Wells Fargo layoffs was leaked ahead of any announcement. Insiders tipped journalists off to the layoffs taking place in Charlotte, N.C. The company currently employs 27,000 workers in the city.

John Connaughton, an economic professor at UNC-Charlotte, said the following to CBS17 about the Wells Fargo layoffs.

“You would have thought when that happened they would have taken a good hard look inside and made some substantial changes and done a lot of analysis of ‘what’s wrong with our management setup?’ And two, ‘what’s our overall plan going forward in terms of how we can be successful as a bank not being able to game the system?’ And they didn’t do any of that.”

Wells Fargo employees also took to The Layoff.com to talk about the plans. However, the reports are all over the place with several claims being made by anonymous users of the website.

Some users reported being a part of the job cuts while others mentioned managers being fired. Among these are claims that 3rd level management was hit the hardest. One user also mentioned getting a working notice until November. Another says that some employees got no working notice with today’s layoffs.

WFC stock was down 2.8% as of noon Tuesday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/wells-fargo-layoffs-what-to-know/.

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