All's Not Wells Fargo

Look for layoff notices to come out of Wells Fargo this afternoon. I'm told it's more than 100 employees in the I.T. department. Sources tell me they will be offered the chance to pursue other employment in the company. What other jobs will those I.T. folks want/be able to do?

Updated...6:05pm

STATEMENT FROM LYNN GREENWOOD SENIOR VICE PRESIDENT, COMMUNICATIONS WELLS FARGO HOME AND CONSUMER FINANCE GROUP

"Wells Fargo is reorganizing a large, multi-year technology project and today notified some Des Moines team members that their current positions would be eliminated. Those affected by this reorganization are being encouraged to apply for other open positions within the project and in other areas of the company. Currently, Wells Fargo has approximately 200 open positions in the Des Moines area.

"During a restructuring, it is Wells Fargo’s practice not to disclose the number of positions eliminated because many affected team members find positions within the company. Our goal is always to place as many team members as possible into open positions, and we will attempt to do so in this case.

"This change affects approximately 1 percent of the company’s total employment in Iowa. Currently, we have 12,900 team members in Iowa, the vast majority located in the Des Moines area.

"Affected team members have received 60-day notices and will be given preference for any open positions in the company. If the team members don't find another job within Wells Fargo, they are eligible to receive separation benefits including salary continuation based on years of service with the company."