LAS VEGAS (KTNV) — Over 100 Las Vegas workers could soon be looking for new jobs.
On Saturday, Wells Fargo filed paperwork with the Nevada Department of Employment, Training & Rehabilitation stating they were planning to "exit the Operations and Personal Lending business units" at their location at 6325 Rainbow Boulevard. That means about 130 employees will be laid off.
According to Wells Fargo, impacted employees were told on Saturday and formal notices of displacement will be given to affected employees in October.
"Each employee will be provided a 60-day notice period from the date they receive formal notice of displacement," the document reads.
Wells Fargo officials say affected employees that don't find other positions in the company will be eligible to receive paid severance benefits based on years of service.
During an investors conference in September, CEO Charlie Scharf said the company was not close to where it needed to be when it comes to reducing expenses.
According to filings with the U.S. Securities and Exchange Commission, Wells Fargo had more than 268,000 employees in 2020 and that number is now down to less than 230,000, which is a 14% decrease in jobs.
He also said more layoffs could be coming in 2024 and Las Vegas is not the only city that is being affected. Over the last week, Wells Fargo has also cut 219 jobs in the Des Moines, Iowa area, 74 jobs in Jacksonville, Florida, and 95 jobs in Hillsboro, Oregon.
