Laid-off Wells Fargo worker: Sacramento managers sent out-of-state to train California replacements

[The Straight Story]

Laid-off Wells Fargo worker: Sacramento managers sent out-of-state to train California replacements


SACRAMENTO, CA - For 415 workers at two Sacramento Wells Fargo call centers, finding out they would soon be out of a job was bad enough.

Now, at least one former Wells Fargo employee alleges the company is sending Sacramento-area managers out of state to train new workers how to replace those laid off in California.

Wells Fargo confirmed Tuesday that America's fourth-largest bank will consolidate two Sacramento area call centers into one, eliminating 415 jobs at call centers located at 2125 Butano Drive and 3640 Northgate Boulevard.

The employee claims "high level" Wells Fargo managers were temporarily transferred to states like Minnesota, North Carolina and Virginia in recent weeks to train workers taking over call center positions cut in California.

"They talk about how they reinvest in the communities they serve. They quote it all the time. It's on the Web site. 'California is our largest customer base.' If you're moving your staff to other states, how are you serving the community in which you serve?" said the former Wells Fargo worker.

http://www.news10.net/news/story.aspx?storyid=77483&catid=2

[Joanne98]

1. Wells Fargo was bought by Minneapolis-based Norwest Corporation in 1998.

Wells Fargo & Co. is a diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the US by assets and the third largest bank by market cap.<3> Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit card. In 2007 it was the only bank in the United States to be rated AAA by S&P <4>, though its rating has since been lowered to AA-<5> in light of the 2008 Financial Crisis.

Headquartered in San Francisco, California (its bank, Wells Fargo Bank, N.A., is legally chartered in Sioux Falls, South Dakota), Wells Fargo is a result of an acquisition of California-based Wells Fargo & Co. by Minneapolis-based Norwest Corporation in 1998. The new company chose to keep the name Wells Fargo, to capitalize on the 150-year history of the nationally-recognized Wells Fargo name and its trademark stagecoach. After the merger, the company maintained its headquarters in San Francisco and charter in Sioux Falls.

As of 2009, Wells Fargo has 6,650 retail branches (called stores by Wells Fargo), 12,260 automated teller machines, 276,000 employees and over 48 million customers.<6> Wells Fargo currently operates stores and ATMs under the Wells Fargo and Wachovia names.

Wells Fargo is one of the Big Four banks of the United States with Bank of America, Citigroup and JP Morgan Chase.<7><8><9><10><11><12><13>

http://en.wikipedia.org/wiki/Wells_Fargo

[FarCenter]

2. Hence, it has large operations in Minnesota and the Southeast

After Norwest acquired Wells Fargo, the merged bank then acquired Wachovia, headquarterd in Charlotte NC. Wachovia was the result of the acquisition of Wachovia by First Union. First Union had previously acquired a number of banks in the East and mid-Atlantic, such as Corestates.

This is all normal consolidation after merger stuff.