Major Layoffs at Las Vegas Bank; Hundreds to Lose Job
Las Vegas, NV- There could soon be over 100 workers in Las Vegas looking for new employment.
In a document submitted to the Nevada Department of Employment, Training & Rehabilitation on Saturday, Wells Fargo announced their intention to “exit the Operations and Personal Lending business units” at its 6325 Rainbow Boulevard branch. This implies that 130 or so workers will lose their jobs.
Wells Fargo reports that affected workers were informed on Saturday and would get official notices of displacement in October.
“Each employee will be provided a 60-day notice period from the date they receive formal notice of displacement,” the memo states.
According to Wells Fargo representatives, impacted workers who are unable to find other roles inside the organization may be qualified for paid severance compensation based on their length of service.
CEO Charlie Scharf stated that the company was not quite where it needed to be in terms of cutting costs during a September investor conference.
As per the documents submitted to the U.S. Securities and Exchange Commission, Wells Fargo employed over 268,000 people in 2020; however, as of right now, that number has dropped to less than 230,000, signifying a 14% reduction in employment.
He added that there might be additional layoffs in 2024 and that other cities besides Las Vegas would also be impacted. In the past week, Wells Fargo has also eliminated 95 jobs in Hillsboro, Oregon, 74 jobs in Jacksonville, Florida, and 219 jobs in the Des Moines, Iowa, area.
