Wells Fargo Layoffs Job Cut: may fire 548 employees; cuts pension plans

Wells Fargo, the San Francisco-based bank, has decided to freeze the pension plans for its employees and also layoff some of the employees. This is the same company which bought over Wachovia in Dec 2008 and is now going for all kinds of cost cutting measures including layoffs. The news is not good for the employees of the Wells Fargo as the organization is going for job cuts. Now the situation is getting worse for the employees as the recession is taking a toll on all sectors and all of the sectors are feeling the heat.
How many employees may be fired in the Wells Fargo layoffs?
As per the reports, there can be around 548 layoffs by Wells Fargo.

What is the total no. of employees of Wells Fargo?
The total no. of employees of Wells Fargo is not known as of now.

What will be the cost and savings by Wells Fargo layoffs?
No info about that, but the cost savings due to buying of Wachovia is about $5 billion.

When will the Wells Fargo layoffs happen?
The layoffs are already started from February and will go on in a phased manner till July.

Which locations and department of employees will be affected by the Wells Fargo layoffs ?
The layoffs will be done in Charlotte, North Carolina. Most job cuts will be in investment banking.

What is the primary reasons for Wells Fargo layoffs?
Cost Cutting, consolidation are the main reasons quoted for the job cuts.

Any other news about Wells Fargo layoffs
As per Reuters, Wells Fargo said it will maintain its 401(k) retirement plan, under which the San Francisco-based bank matches employee contributions for up to 6 percent of total pay. Many other large companies have also cut back traditional pension plans.
Let's hope that alternative jobs are available to the affected employees of Wells Fargo Layoffs Job Cut