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Wells Fargo (WFC) announced Wednesday that it will lay off 3,800 employees during the next year as the bank attempts to restructure its consumer finance unit. Wells Fargo Financial will be integrated into the company's community banking network -- closing 638 independent consumer finance offices in the process. The firm added that it is no longer going to deal with non-prime mortgage loans.
Reportedly, roughly 27% of the financial firm's Wells Fargo Financial employees will be laid off. In the next two months, 2,800 employees will be sent packing, while 1,000 more will be jettisoned in the next year. According to WFC, these changes will not affect WFC and Wachovia banks across the United States.
Technically, WFC is in the midst of a rather nicely defined trading range -- bouncing between the support of the $25 level and the resistance of the $30 level (which can be seen here). With some exceptions the shares have bounced between these two levels since the beginning of May. This news could severely test the support of the $25 level -- as the stock is in the midst of rebounding off this support. Should investors react positively to the news, the $30 level remains in a position to provide resistance.
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