Wells Fargo exits 8 mortgage firms; 120-140 Twin Cities jobs at stake

  • Article by: Jennifer Bjorhus , Star Tribune
  • Updated: July 25, 2013 - 9:24 PM

The bank said 120 to 140 of the affected workers in the joint ventures are in the Twin Cities.

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foneboothJul. 25, 13 9:58 PM

Interesting that further oversight threatens them, considering they participated in the junk mortgage boom and helped cost homeowners a LOT of money. They should have been forced out, not given the chance to withdraw...

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IHATELOGINS0Jul. 25, 1311:28 PM

Not too big to fail. Next time we will let them fail.

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boozlesJul. 25, 1311:47 PM

Wells Fargo is a disease in Minnesota. Anyone who still have accounts there needs to move over to a credit union. I can't wait for the day Wells Fargo no longer exists.

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JonelJul. 26, 13 7:03 AM

Why was nothing ever publicized about the Edward Jones joint venture with Wells Fargo that was closed in March. The employees were given notice right after the first of the year and were all terminated early in March.

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albundy74Jul. 26, 13 7:05 AM

Worst mortgage rates, fees, and service of any metro bank.

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calhoun75Jul. 26, 13 7:05 AM

Wow, they really downplayed the number of affected employees there will be. There are over 300 employees in just ONE of the joint ventures alone. It seems they are only commenting on the underwriters that are directly employed by Wells and not the majority of the employees that are employed directly through the JVs. Well over 1000 people in the Twin Cities will be losing their jobs due to Wells decision.

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thisislameJul. 26, 13 7:08 AM

boozles - Glad credit unions work for you, but we don't have a car/boat loan and need more than a checking account. We are happy with Wells Fargo, and enjoy all the services the provide. I also like the dividend rate on the stock. You get that on your credit union "shares" right?

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calhoun75Jul. 26, 13 7:24 AM

@Jonel: http://www.startribune.com/business/191273111.html

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tandabussJul. 26, 13 7:56 AM

I used to be a WF customer, and I used to love them. Then, when the economic crisis hit, they started doing snotty things like raising fees on my checking account and tell me, "It's because of Washington regulation." Um, hello? Had you been doing your due diligence on mortgage lending, there'd be less need for more regulation. I switched to a local bank in my hometown. Same great service, no crappy political posturing.

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busdriver37Jul. 26, 13 8:15 AM

@ IHATELOGINS0: Wells Fargo was never in a position to "fail." They didn't want or need TARP funds, but were forced to by heavy-handed government officials. They paid their TARP funds back early, with interest, and the government & taxpayers (that includes you) made a lovely profit from that transaction.

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