Apparently Wells Fargo didn’t get the memo that Scott Walker’s Wisconsin is “Open For Business,” as the company has announced it will lay off 1,000 workers in Milwaukee.
Wells Fargo confirms to WISN 12 News that 1,000 employees in Milwaukee will be laid off this summer.
A Wells Fargo spokesman said the Home Lending Service Facility at 11200 W. Parkland Ave. will be closing in July.
The spokesman said the layoffs will be gradual over the next several months.
Zach, thanks.
My guess is Wells Fargo is off shoring what work remains:
“WELLS FARGO
The banking giant received more than $25 billion in bailout funds from the U.S. Treasury, which was later repaid with interest. Despite the critical role the federal government played in Wells Fargo’s return to profitability, the bank is tripling the number of its Filipino employees and has asked some U.S. employees to train their own replacements[11]
Wells Fargo laid-off hundreds of employees and moved operations to the Philippines, leaving workers in Florida, California, and Pennsylvania jobless.”
http://www.pressoneforamerica.org/a_sampling_of_companies_that_send_call_center_work_offshore
The bigger take-away may be that they appear bearish on residential real estate. That’s consistent with the continued hollowing out of the middle class.
They claim that the employees are no longer needed to help people with their mortgages as things are now going so well for people with mortgages. Yet 35% of the people in Milwaukee County are stuck in homes with mortgages under water. Both Racine and Kenosha Counties are at 25%. This doesn’t pass the smell test especially since Wisconsin’s job creation ranking has fallen to 40th in the nation. One has to wonder if Walker’s people told Wells Fargo to use the excuse that people are doing so well now with their mortgages that the employees are no longer needed. Anything is possible with Walker.
Rich and profiting companies robbing minorities in the city of jobs so they can gain more wealth someplace else. Now rather than rebuilding communities worst hit by the job loss crisis over 40 years-they build a street car using TIFs for rich out of towners downtown.
When was the last time we had a massive plan to rebuild a city with living wage jobs? When was the last time we in Milwaukee had a plan to eradicate homelessness?
That’s right. Not really since Mayor Ziegler.
This makes no sense. 40% of homes in the City of Milwaukee are under water. Thousands of homes are vacant. This closing is not because the city is getting better or the housing crisis has ended. What lies we hear these days.
Diogenes, thanks. IMHO, the low hanging fruit is Gov. Walker and the GOP to end the job-killing state regulations against marijuana. I would never encourage anyone, who did not already have a serious illness to use it, but the prohibition against alcohol didn’t work either. AFAIK, the drug gangs get 60% of their revenue from pot. That tax revenue would help local and state governments. A cash crop like pot would also jump start urban agriculture. Aquaponics uses fish (tilapia and perch are popular) to fertilize plants and the plants clean the water for the fish. Hydroponics is more high-tech, and another option. With advances in LED lighting, growing indoors is less expensive and now you’re harvesting year round. IMHO, the longer Wisconsin waits, the more the elites will try and force us to import pot from off shore workers. I think it would also help Wisconsin tourism.
It would also reduce stress up and down the law enforcement supply chain.