Wells Fargo & Co. (NYSE:WFC) will cut 150 jobs in its
investment banking and capital markets business as it integrates Wachovia Corp.
As
reported, the layoffs began Thursday. The company says half of the layoffs will be in Wachovia's former home base of Charlotte, N.C., according to the
Charlotte Observer.
The integration is supposed to take place over the next two to three years, according to
Corporate Dealmaker's Suzanne Stevens. The job cuts are part of Wells CEO John Stumpf's strategy to deliver $5
billion in annual cost savings.
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