Wells Fargo is set to close its Internal Audit business unit in Denver, leading to the elimination of 80 jobs, as revealed in a recent letter filed with the state. This decision marks a significant change for employees working in the Wells Fargo Center, the iconic Denver skyscraper also known as the Cash Register Building.
The bank’s letter, required by the Worker Adjustment and Retraining Notification Act (WARN), outlines that the closures will commence in August and continue through the end of the year. This development has left many employees uncertain about their future with the company.
While some workers may find new positions within Wells Fargo, the company has assured that those who are not relocated will receive paid severance benefits and healthcare, with the duration dependent on their years of service. However, the exact number of employees who will remain with the company is still unclear.
Wells Fargo’s Internal Audit unit, which boasts more than 1,500 members nationwide, plays a crucial role in ensuring the bank’s compliance with various rules and regulations. This closure highlights a shift in the bank’s operational strategy, but no further details have been provided.
Efforts to reach a spokesperson for Wells Fargo for additional comments were unsuccessful.
The closure of the Denver Internal Audit unit comes amid broader organizational changes within Wells Fargo, reflecting the bank’s ongoing efforts to streamline operations and improve efficiency. As the affected employees brace for this transition, the local community and the broader financial sector will be watching closely to see how Wells Fargo manages this significant change.