Banking

Wells Fargo laying off 39 Charlotte technology workers

Wells Fargo is eliminating 121 technology jobs nationwide, including 39 in Charlotte, as part of an efficiency initiative, a bank spokesman said Thursday.
Wells Fargo is eliminating 121 technology jobs nationwide, including 39 in Charlotte, as part of an efficiency initiative, a bank spokesman said Thursday. AP

Wells Fargo is eliminating 121 technology jobs nationwide, including 39 in Charlotte, as part of an efficiency initiative, a bank spokesman said Thursday.

The layoffs are the latest effort by a big bank to reduce costs at a time when low interest rates have made it difficult to boost revenue.

The Observer reported last spring that Wells was studying ways to streamline technology and other departments. And in October, Charlotte-based Bank of America said it was cutting 100 technology and mortgage positions in Charlotte.

The latest cuts amount to a small portion of the workforce at San Francisco-based Wells Fargo, which employs about 265,000 companywide. Charlotte is the bank’s biggest employment hub, with about 23,500 workers.

Wells Fargo spokesman Josh Dunn said the bank will work to find other job opportunities inside the company for the affected employees. If not, they are eligible for severance, he said.

Wells Fargo is scheduled to release fourth-quarter 2015 earnings on Friday morning; Bank of America reports results on Tuesday. Cost reductions have been key to boosting bank profits in the past year.

In October, Wells said it was laying off 490 mortgage employees nationwide, including 132 in the Charlotte area. The bank attributed those cuts to improvements in home-loan delinquency and foreclosure rates, as well as falling consumer demand to refinance mortgages.

Rick Rothacker: 704-358-5170, @rickrothacker

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