UPDATE: Wells Fargo closing majority of Ops Centers

Update: Kevin Waetke, Communications Manager/Assistant Vice President contacted us and says the centers are not closing, but will "redistribute volume" and characterizes the layoffs as a "very small number of positions."

Wells Fargo will not project how many will be laid off.

According to a reliable source, Wells Fargo plans to cut its wholesale operations back by as much as 80-90% in the first weeks of December. An internal memo we were able to obtain lays out the consolidation of volume handling nationwide to just three offices in Springfield, MO, Minneapolis, MN and Lombard, IL. The memo states "affected team members were notified earlier today," but based on the lack of buzz we're seeing, many are likely still unaware of these changes. The consolidation cuts across all wholesale channels, including both Conventional and Government product lines.

Brokers may get scattered notification from AE's, but an "official" announcement isn't slated to go out until Monday of next week according to the memo. We have not been able to discern how many employees will be affected. Possibility of inside placement within the Wells family of companies was indicated:

"We're hopeful that our diversified financial services company... will present an opportunity for these talented team members within other areas..."

One can only hope. This will mean hundreds if not thousands of jobs.