Financial services giant Wells Fargo currently has about 15,000 workers in Arizona, including nearly 4,600 in Chandler, and more will be joining those currently working at its operations center in the city.
The company did not say how many personnel would be relocating to Chandler, or if and how many new hires would be made in the city.
The changes are coming in the wake of Wells Fargo's decision to make management and structural changes in its auto lending division. The bank will close 57 regional offices and eliminate the managerial positions associated with them. Staff who fund loans in those offices will be moved from the shuttered locations to central locations – one in Irving, Texas, and the other in Chandler. Underwriters in those locations being closed will remain in the areas they serve, under a different managerial system.
It is likely that the bank will change the name of its auto business. Currently, it is known as Wells Fargo Dealer Services, but could be renamed so the title will reflect the fact it also works directly with customers, not just dealers.
The restructuring and consolidation is not unusual in the industry. Ally Financial, Inc., as well as J.P. Morgan Chase, undertook such restructuring measures years ago.
When measures such as this, which can impact a whole community, take effect, officials might consider working with a newsletter printing company to create an update letter for residents.
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