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News Update: Wells Fargo to Restructure Division and Cut 3,800 Jobs (WFC)

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Uploaded by on Jul 7, 2010

Wells Fargo (NYSE:WFC) announced it is restructuring its Wells Fargo Financial division, including closing its 638 stores and exit the non-prime mortgage origination business. As part of the restructuring, Wells Fargo said it will eliminate 3,800 jobs and take a $0.02 per share pre-tax charge.

David Kvamme, president of Wells Fargo Financial said, "We know that this decision will be extremely difficult for those dedicated team members and their families who will be affected."

SmarTrend is bearish on shares of WFC and our subscribers were alerted to Sell on May 06, 2010 at $31.03. The stock has fallen 14% since the alert was issued.

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  • You have a good voice and nice presence but get that $#^% out of your nose. You have what it takes to be a real reporter/anchorwoman as long as you don't have jewelry on your face.

  • This bank is corrupt.

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