Wells Fargo said it will create about 80 additional jobs in Charlotte next year as it relocates some work from Philadelphia.
Charlotte and Arizona will gain jobs as the San Francisco-based lender eliminates about 120 positions from its legal order processing group in Philadelphia. The group is tasked with producing customer banking records in response to outside legal requests from federal and state agencies, law firms and others.
The announcement comes after Wells Fargo grew its Charlotte-area employment by about 1,400 positions over the past year. Wells Fargo employs about 22,100 people in the Charlotte area, its largest employee base.
Wells Fargo spokesman Josh Dunn said it will make 83 new hires in Charlotte by shifting the Philadelphia operations. About 40 new hires will be made in the city of Chandler, Ariz., he said. All new hires are expected to be made next year, he said.
Dunn said the decision to relocate the work is part of Wells Fargo’s ongoing efforts to find ways to operate more efficiently and effectively. Wells Fargo determined that it can operate “more efficiently in Charlotte and in Chandler ... and still provide the same service to our customers,” he said.
Charlotte has served as East Coast headquarters for Wells Fargo since its 2008 acquisition of Wachovia. Dunn said the relocation of jobs from Philadelphia to Charlotte illustrates that Wells Fargo continues to like operating in the Charlotte region.
Dunn said the impacted Philadelphia employees will be given 60 days’ official notice prior to the date of their position being eliminated. Qualified employees who do not find jobs elsewhere in the company will be given a severance package, he said.
Like other banks, Wells Fargo has been shrinking its overall headcount, as lenders seek to cut costs in a tough time to grow revenues. At the end of September, Wells Fargo had 263,900 full-time equivalents, up less than 1 percent from the end of June but down 2.5 percent from the end of September 2013.