Wells Fargo Firing 150 in Wachovia Purchase

Wells Fargo is firing 150 employees in its investment banking & capital markets unit, after purchasing Wachovia’s investment banking business.

Half the cuts will take place at Wachovia’s Charlotte, North Carolina headquarters.

The bank will cut jobs in loan syndication, mergers & acquisitions, equities and debt underwriting units.

Wells Fargo hired 5,000 people in Q1 as it expanded its mortgage division.

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