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| July 9, 2010: Wells Fargo officials said on Wednesday, July 7, 2010, that the company plans to shutter Wells Fargo Financial, closing its 638 branches nationwide and eliminating about 3,800 positions, according to The Washington Business Journal. Information was not immediately available concerning how many jobs in the Washington metropolitan area will be affected. Wells Fargo operates at least seven retail financing offices in the D.C. region, offering products such as auto loans, unsecured loans and second mortgages. The San Francisco-based bank will move many of the unit’s offerings into its 6,600 bank branches and 2,200 Wells Fargo Home Mortgage locations. In a key move, Wells Fargo will no longer offer subprime mortgages. Less than 2 percent of all Wells Fargo’s mortgages were originated in Wells Fargo Financial offices in the first quarter. “Our network of U.S.-based consumer finance stores, which have historically operated as an independent sales channel from our bank operations, have served customers well for more than 100 years,” said David Kvamme, the President of Wells Fargo Financial. “But the economics of a separate Wells Fargo Financial channel are no longer viable, especially now that our customers have access to the largest banking and mortgage store network in the United States," Kvamme said. |
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