Wells Fargo spells out post-merger severance plan

Wachovia (Added: January 01, 2009)

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Wells Fargo spells out post-merger severance plan

CHARLOTTE, N.C. (AP) - With Wachovia Corp. officially becoming part of Wells Fargo & Co., employees know that layoffs are around the corner.

By: Associated Press | WNCT-On Your Side
Published: January 01, 2009

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CHARLOTTE, N.C. (AP) - With Wachovia Corp. officially becoming part of Wells Fargo & Co., employees know that layoffs are around the corner.
The Charlotte Observer reports that Wells Fargo has not given details on the size or timing of layoffs, but a severance plan takes effect Thursday.
Wachovia employees who lose their jobs can expect severance payments based on their years of service and their salary. Employees who make less than $45,000 a year are eligible for six weeks to 16 months of severance pay. Those who make $150,000 or more can collect for between six and 16 months.
Wells Fargo human-resources director Julie White says displaced workers will get help finding jobs in some of the thousands of open positions at the bank.

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