Charlotte a likely target for Wells Fargo layoffs, analyst says

CHARLOTTE, N.C. — Widespread layoffs are underway at Wells Fargo & Co., as the bank seeks to slash costs and build efficiency.

Job cuts will span multiple business lines and geographic areas, including in Charlotte. Some estimates place total layoffs in the tens of thousands.

This is the point where no one is happy, said Tom Brown, CEO of Second Curve Capital. Investors want the layoffs to be done quickly. Employees want to know what is happening as soon as possible. The company, however, has to take a more measured approach to avoid long-term harm, he said.

Bank analyst Dick Bove said Charlotte will be a likely target for cuts.

CBJ interviewed multiple analysts about how layoffs and other expense cuts at Wells Fargo are likely to play out. Read the full story here.