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Wells cuts 3,800 jobs

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High Five
Thursday, July 08, 2010
Wells Fargo is shutting down its consumer finance division, eliminating about 90 jobs in Oregon and Southwest Washington, and almost 3,800 jobs nationwide.

The closure marks a move away from controversial subprime mortgage loans, which were partially responsible for starting the recession two years ago.

Wells Fargo Financial specialized in lending to customers with less-than-perfect credit. It made subprime home loans, new- and used-car loans and debt consolidation loans. Of its 11 Oregon offices, nine were in Portland.

The move is motivated in part by efficiency. Bank officials said that since Wells' merger with Wachovia at the beginning of 2009, its network of 6,600 branches is large enough to offer many of the services provided by Wells Fargo Financial.

Read the full report at OregonLive.com.

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