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Fed chair says no agency outside CFPB tasked with consumer protection
No U.S. regulator other than the Consumer Financial Protection Bureau is tasked with ensuring that banks abide by rules guarding against deceptive practices regarding consumers, the head of the Federal Reserve said.
Wells Fargo as announced another round of layoffs at its Jordan Creek Campus in West Des Moines, according to the state’s Worker Adjustment and Retraining Notification website.
The company’s WARN notice said the 33 layoffs will be effective April 4.
Wells Fargo, the fourth-largest bank in the United States with assets of $1.7 trillion, and once the largest employer in the Des Moines metro, has been paring back its local workforce in recent years. The latest announcement brings the total workforce reductions in the Des Moines metro to 1,044 since April 2022, according to the WARN website, with 342 in 2024.
It was the first Des Moines metro layoff the company has announced this year, though a layoff announced in December, of 21 workers, took effect in February.
The company did not immediately respond to a request for comment Wednesday. When past layoffs have occurred, Wells Fargo has stated that company leaders “regularly review and adjust staffing levels to align with market conditions and the needs of our businesses.”
Wells Fargo also has consistently stated that it works to find opportunities for affected employees in other parts of the company and provides assistance such as severance pay and career counseling if other jobs are not available.
The Wells Fargo website on Wednesday listed 46 job openings in Des Moines and West Des Moines.
Wells Fargo job cuts also happening in Oregon
In July, Wells Fargo CEO Charlie Scharf said in an earnings call with analysts that the bank’s head count had been declining for 16 consecutive quarters. The San Francisco-based bank has cut a total of more than 11,000 jobs this year companywide, second-quarter data show.
The Des Moines metro is not the only place where Wells Fargo job cuts have been occurring. The company announced it will be closing centers located in Hillsboro and Salem, Oregon, affecting more than 700 workers, according to the Oregon WARN site.
The latest Des Moines metro layoff notices did not indicate in which divisions of the company was reducing jobs, and it has declined to comment when asked in past layoffs. The bank’s home mortgage division, heavily concentrated in the Des Moines metro, has throttled back amid higher interest rates and lower demand.
Wells Fargo’s Des Moines metro employment peaked 14,500 in 2017, but it has since fallen to what the Greater Des Moines Partnership says is “more than 11,000.” That’s eclipsed by the 12,000-plus of the Hy-Vee supermarket chain, which has its headquarters in West Des Moines.
The bank has steadily shifted most of its metro workforce to Jordan Creek, largely emptying buildings in other locations, including downtown Des Moines. It was expected to close on the sale of its four downtown office Des Moines buildings, with more than 850,000 square feet of floorspace as well as a parking ramp, to an undisclosed buyer in January, city records show. So far, however, there has been no transfer of the title.
Kevin Baskins covers jobs and the economy for the Des Moines Register. Reach him at kbaskins@registermedia.com.
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