Monday, November 28, 2011

More big-bank layoffs coming?

Bank of America Corp., which has begun eliminating 30,000 positions as part of a company-wide efficiency initiative, isn't the only big bank that's slashing jobs.

Local rival Wells Fargo & Co., the San Francisco-based bank that bought Charlotte's Wachovia in 2008, plans to cut technology and operations jobs by the end of the year, Reuters reported recently. The cuts are part of an effort to trim more than $1.5 billion of quarterly operating expenses.

According to the news agency, a server management group that employs about 500 will cut 25 workers and eliminate 30 unfilled positions - and more tech cuts might be in store later.

Wells Fargo spokesmen did not immediately confirm the number of looming job cuts or whether those would occur in Charlotte. Last year, the bank launched an efficiency initiative called Project Compass, though it has not said how many jobs would be eliminated as part of that program.