Wells Fargo (WFC) said Wednesday it is closing more than 600 Wells Fargo Financial offices and laying off 3,800 employees over the next year in consolidation of its consumer finance division. Approximately 2,800 positions will be eliminated during the next two months. The fourth-largest U.S. bank by assets also said it will no longer originate non-prime mortgages.
The layoffs represent about 27% of Wells Fargo Financial’s 14,000 employees.
WFC is up 6 cents in AH trading at $26.72 (+0.23%) 4:54PM EDT.