Wells Fargo To Layoff Nearly 4,000 Workers

July 13th, 2010

Consolidations and mergers can have an effect two years after they are complete.

Wells Fargo & Co (WFC.N), the fourth-largest U.S. bank by assets, said on Wednesday it is closing more than 600 Wells Fargo Financial offices and will no longer originate non-prime mortgages.

The bank said the Wells Fargo Financial offices are no longer necessary after its 2008 acquisition of Wachovia Corp and it will offer mortgage services through its other banking locations.

Translation: More layoffs.

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