Wells Fargo IT contractors face furloughs

- Information Technology contractors at Wells Fargo are being furloughed as the bank looks to trim costs, FOX 46 has learned.

Wells Fargo confirms IT contractors nationwide wil be required to take mandatory unpaid days off in order to keep them operating "in an efficient and effective manner."

It is unclear how many employees are affected but bank officials say the move will "provide significant benefits to the company." 

The move, which a source tells FOX 46 will begin next month, comes a month after the Federal Reserve imposed tough penalties on Wells Fargo, freezing future growth, after it was revealed they opened phony customer accounts and sold auto insurance to customers who didn't need it. 

Bank of America has also furloughed IT workers before. Wells Fargo employs 25,000 people in Charlotte.

Wells Fargo released this statement on the decision: 

I can share with you that as part of our annual review of our Contingent Workforce program, we found opportunities to better align our program with industry best practices which provide significant benefits to the company. These new guidelines provide a consistent approach to managing work assignments, work schedules and controlling costs for managed resources in the U.S.

Operating in an efficient and effective manner continues to be a key focus for Wells Fargo. The company is responsible to its customers, shareholders, and team members for achieving optimal operational effectiveness. Good management practices for managed resources require oversight for providing work directions, clarity on questions and escalation support.

Up Next:


  • Popular

  • Recent

Stories you may be interested in -- includes Advertiser Stories