CHARLOTTE, N.C., March 5 (UPI) -- Wells Fargo & Co. has begun eliminating jobs in Charlotte, N.C., as it proceeds with its takeover of Wachovia Corp., company workers said.
Wells Fargo, based in San Francisco, acquired Wachovia last year and has been putting management employees in place to run the new entity. As positions are filled, Wachovia workers in Charlotte are learning they have no place in the organization, The Charlotte Observer reported Thursday.
Wells Fargo spokeswoman Mary Eshet told the newspaper personnel decisions "are driven by business needs and are made at the business unit level."
She said affected employees will be able to apply for other positions within the company.
Wells Fargo has previously indicated it intends to cut annual costs by about $5 billion, or 10 percent of the aggregate expenses. The company has not indicated how jobs it plans to cut.
Wells Fargo Chief Executive Officer John Stumpf told the Observer the company would do all it can to keep job cuts to a minimum.
Following the acquisition of Wachovia, Wells Fargo has more than 281,000 employees, the newspaper said.