Banking

Wells Fargo lays off investment banking employees in Charlotte

This file photo from 2013 shows employees working on Wells Fargo’s trading floor in the Duke Energy Center, where Wells Fargo Securities has operations. On Thursday, Wells Fargo Securities announced layoffs of less than 10 employees in Charlotte and New York. The laid-off Charlotte employees worked in the Duke building, the lender said.
This file photo from 2013 shows employees working on Wells Fargo’s trading floor in the Duke Energy Center, where Wells Fargo Securities has operations. On Thursday, Wells Fargo Securities announced layoffs of less than 10 employees in Charlotte and New York. The laid-off Charlotte employees worked in the Duke building, the lender said. dlaird@charlotteobserver.com

Wells Fargo has laid off less than 10 employees in its investment-banking operation in Charlotte and New York, the San Francisco-based lender said Thursday.

The employees worked in the bank’s Wells Fargo Securities unit, which offers medium and large corporate clients various products and services, include mergers and acquisitions advice. In a statement, the bank did not give a specific reason for the layoffs but said it is “constantly evaluating our business model to better serve our clients.”

Wells Fargo also did not provide a breakdown of how many of the laid-off employees worked in Charlotte versus New York. Wells Fargo said the laid-off employees who worked in Charlotte were based in uptown’s Duke Energy Center, where the bank has trading floors.

In its statement, the lender said Wells Fargo Securities’ overall employment in Charlotte is up in 2015 “and we remain committed to growing the business.” It was not immediately clear how by how much Wells Fargo Securities employment has increased this year in Charlotte.

In 2013, the lender reported having about 2,000 Wells Fargo Securities employees in Charlotte.

Wells Fargo entered into the investment banking business through its 2008 purchase of Charlotte’s Wachovia. New York and San Francisco are Wells Fargo’s other major investment banking hubs.

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