1,000 laid off at Wells Fargo, sign of a better economy?
One-thousand Milwaukee workers found out today they'll be soon out of a job and it's all because the economy is getting better.
One of the Milwaukee-based Wells Fargo departments focused a lot on foreclosures, short sales, collections and other mortgage issues that were a sign of the failing economy. But the country may have finally hit a tipping point. Jobs are on the rebound, meaning people can now afford their homes, or at the very least have slowed down on defaulting.
The upside is that now real estate agents, staffing agencies, and manufacturing companies are experiencing a boost in business. The downside is that we could see more layoffs of people who work in the financial distress industries. However, Vice President of Wisconsin Mortgage Corporation John Inzeo says there may be crossover work.
\"They're looking for people who might have had some experience in some of these lending areas that could come over into the production side of the company and to the operations side of the company that are now today experiencing much higher volume of new business.\"
Wells Fargo employs around 2,800 people in the Milwaukee area, so nearly a third of their employees will now be competing for those new jobs.