[ad_1]
Banking giant Wells Fargo, which has been trimming staff for years to rein in operational expenses, plans to cut more than 100 jobs in Wake County as it downsizes a Raleigh unit.
The San Francisco-based company, which is one of the biggest employers in North Carolina, told state officials that it is cutting support operations at the chief operating officer business unit, eliminating 112 positions by April 4. Some of the positions are in the company’s consumer banking, lending and technology units.
The positions primarily include loan-servicing representatives and other employees serving lending functions.
“These business decisions are never easy,” Cristina L. Stokes, a Wells Fargo assistant vice president, said in a Feb. 3 letter to North Carolina Department of Commerce officials. “We are very thoughtful and deliberate in our approach, understanding the impact these decisions have on individuals at the company.”
The company says it is providing severance, career assistance, and other services to help those being laid off. “We will make every effort to minimize the impact and ease the transition for our affected employees,” Stokes said in the letter.
Wells Fargo has cut its headcount by 25% since the middle of 2020, executives told analysts and investors last month. “We continue to have opportunities to further streamline the company and become more efficient,” Michael Santomassimo, Wells Fargo’s chief financial officer, said during a January earnings call.
A Wells Fargo spokesperson didn’t immediately respond to a request for additional information.
Bahama Breeze cuts
GMRI Inc., which does business as Bahama Breeze, is also eliminating 75 positions in Raleigh tied to the previously announced closure of the Caribbean-themed restaurant chain after 30 years.
Parent company Darden Restaurants, which also owns Olive Garden and LongHorn Steakhouse, said Wednesday that it would close 28 restaurants nationwide, including its Raleigh restaurant on Wake Forest Road. Some of the restaurants are expected to be converted to other brands, the company has said.
The Raleigh restaurant is expected to permanently close on April 5, GMRI told state officials in a Feb. 3 letter. The Orlando-based company is offering transfer opportunities to other locations. The positions include managers, servers, bartenders, hosts and cooks.
[ad_2]