Wells Fargo, beset by scandal and increased regulatory scrutiny has announced that it will lay off 593 works at its Winterville Dealer Service Center near Greenville, North Carolina with the work being distributed to other Wells Fargo facilities in Raleigh, North Carolina, Minneapolis, Chandler, Arizona, and Irving Texas.
It has been reported that the layoffs are directly attributable to Wells Fargo’s decision to close its Wells Fargo Auto, Corporate Finance, Corporate Risk, Enterprise HR Solution, Enterprise Information Technology, Marketing, Operations and Operational Risk and Compliance business units at the Winterville facility
It is no secret that the automotive lending industry is under intense scrutiny as regulators attempt to impose many of the same financial controls and consumer disclosures that are found in other financial sectors, namely the mortgage industry. Or that Wells Fargo is responsible for over $1 billion in fines and penalties for past behavior.
In the end, the costs of any malfeasance or financial improprieties are borne by the shareholders, the depositors, and most of all, the employees.
Are you asking yourself, Am I Next?