Charlotte is among cities likely to experience Wells Fargo layoffs under a plan by the company to further integrate its corporate and investment banking businesses, a top Wells executive said Friday.
But Charlotte will also continue to see Wells Fargo increase its overall employment in the region, which remains its largest employee hub, Chief Financial Officer John Shrewsberry emphasized.
Charlotte is the company’s biggest hub for Wells Fargo Securities, the name for Wells’ capital markets and investment banking businesses. It’s likely that jobs will be cut in securities hubs as the bank combines roles in the integration push, Shrewsberry said.
“If it’s going to happen, it’s going to happen everywhere, and I’m sure it’ll happen in Charlotte, too,” he said, noting Wells also has securities hubs in New York and San Francisco.
Shrewsberry said he did not have estimated layoff figures, but said cuts were expected. Last year, Wells said its securities unit employed about 5,000 worldwide, with the largest portion in Charlotte.
“I don’t anticipate that that’s going to be an extraordinary number of people, just because of the size of that business overall compared to the size of Wells Fargo,” he said during a conference call with reporters to discuss the bank’s first-quarter financial results.
Wells Fargo entered the investment banking business through its 2008 purchase of Charlotte’s Wachovia.
The Wall Street Journal, citing this month people familiar with the integration plans, reported the effort is designed to reduce costs and enable Wells to better serve clients. On Friday, Shrewsberry described the integration as a natural evolution.
Shrewsberry also said Wells remains committed over the long-term to Charlotte, where it employs about 25,100 across various lines of business.