DES MOINES, Iowa (AP) — Banking giant Wells Fargo has informed employees that it will lay off 400 workers in the Des Moines area.
Local bank spokesman Steve Carlson says the company notified employees in the home lending department on Thursday. The layoffs go into effect early next year.
The layoffs announced Thursday were among 1,000 positions cut companywide.
Wells Fargo employs more than 15,500 people in Iowa, including about 14,000 in metropolitan Des Moines.
The San Francisco-based bank announced in September it planned to reduce its national workforce by more than 26,000 jobs. The bank has faced several investigations in recent years over practices including the opening of accounts without customers’ consent, charging clients for unnecessary insurance policies, and imposing unfair fees tied to mortgage rates.