Several Florida banking jobs will soon be lost as one large company cuts positions.

Wells Fargo & Co. recently announced its plan to eliminate about 100 positions at its Northeast Florida mortgage operations, formerly of Wachovia Corp. According to an article by the San Francisco Business Times, the jobs to be cut are in a division that handled Wachovia’s pick-a-pay and option adjustable-rate mortgages, which the bank no longer writes.

The 100 jobs represent almost the entire department, which will be consolidated into Wells Fargo’s mortgage-refinance operations in San Antonio. The job reductions are part of the company’s overall efficiency planning and modeling related to the integration.

Wells Fargo, based in San Francisco, plans to see if laid off employees can find other jobs with the company, and if not they will be eligible for benefits and outplacement assistance. The company currently has more than 3,000 employees in Northeast Florida, all of who work in former Wachovia operations.

Wells Fargo (NYSE:WFC) has more than 3,000 employees in Northeast Florida. All work in former Wachovia operations.

The loss of jobs will add to Florida’s decaying financial industry. The state’s financial activities industry employed 512,300 workers during March, according to the United States Department of Labor Bureau of Labor Statistics. This is down from 516,900 workers during February and a 4.1 percent decrease from last year.

Tags: Florida banking jobs

This entry was posted on Friday, May 8th, 2009 at 7:41 am and is filed under Finance, Jobs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.