January 8, 2009

Wells Fargo: job cuts will begin this year

Wells Fargo CEO John Stumpf in an interview with Charlotte Observer said that job cuts for the combined [Wells Fargo acquired Wachovia year] company will begin this year:

“There will be duplicative jobs and there will be job loss – I know that. How many that will be, I do not know. I’m a big pro-jobs person, and the more customers we have, the more jobs we need. We’ve done a couple of things to make the job loss as small as it possibly can be: We have a hiring freeze on at both companies. We’re putting postings up for open jobs. And just because a position is eliminated does not necessarily mean a job is lost.

But I’m not going to kid anybody here. There will be some job loss, and minimizing that is going to be the challenge for everybody in this company.”

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