Wells Fargo announced that it is cutting 2,800 employees from its Financial unit, and expects to cut 1,000 more in the next year. The bank said that the cuts are due to the greater number of branches of the bank and the ceasing of subprime mortgages. Wells Fargo now offers loans guaranteed by the Federal Housing Administration, and is able to do direct auto loans and credit cards through its branches. The move will decrease the Financial unit from 14,000 workers to 10,200 workers.
See "Wells Fargo Plans Layoffs at a Consumer Finance Unit", The New York Times, July 7, 2010