Wells Fargo, the state’s largest bank, plans to cut about 70 jobs at its Chief Operating Office Global Operations business unit in Greenwood Village, according to a notification sent to the Colorado Department of Labor and Employment on Tuesday.
“The affected employees who do not relocate or secure other positions within the company will be eligible to receive paid severance benefits based on years of service and the opportunity to continue participating in the company’s health plans at active rates for a period of time,” Ashley Frazier, an executive in the bank’s Displacements Advisory Group wrote the state in a Worker Adjustment and Retraining Notification Act or WARN letter.
Frazier said more specific information on job titles involved, notice dates and number of displaced employees would follow once official written notices went out. The layoffs are being made at 5700 S. DTC Parkway, Building 15.
The cuts are expected to start next month and wrap up in the fourth quarter, the company said.
The Chief Operating Office works to ensure smooth operations within the bank’s core business lines such as consumer lending and commercial banking. It oversees client services, contact center operations and the movement of money within the bank, among other things.
The layoff follows one announced in June involving 80 workers at the bank’s internal audit unit at 1700 Broadway in downtown Denver.
Wells Fargo, based in San Francisco, reported having 226,000 employees at the end of last year, down about 12,000 from the prior year.
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Originally Published: August 22, 2024 at 10:57 a.m.
