Wells Fargo has announced plans to lay off 74 employees in Jacksonville as it discontinues its global operations business unit within the chief operating office. The bank filed a Worker Adjustment and Retraining Notification (WARN) letter on July 23, 2024, informing state and city officials of the decision.
The affected employees are based at the Wells Fargo office located at 3563 Philips Highway.
According to the company’s website, the chief operating office is responsible for delivering a consistent approach to business operations across Wells Fargo, strengthening the company’s risk and control infrastructure, and providing efficient enterprise services to employees and customers.
“These business decisions are never easy,” stated Senior Assistant Vice President Ashley Frazier in the WARN letter addressed to Mayor Donna Deegan and the State Trade and Rapid Response Program. “We are very thoughtful and deliberate in our approach, understanding the impact these decisions have on individuals at the company.”
Employees received a 60-day notice starting July 23, with the expectation that they will accept severance benefits and continue participating in the company’s health plan for an unspecified duration.
Despite this change, Wells Fargo maintains a significant presence in Northeast Florida, operating 41 branches in the Jacksonville metropolitan area as of June 30, 2023, according to Federal Deposit Insurance Corp. data.
As the financial industry continues to evolve, institutions like Wells Fargo are adapting their strategies to remain competitive. The impact of these decisions on the local economy and workforce underscores the broader implications of corporate restructuring in today’s dynamic market environment.