Variety learned that the local employees of Wells Fargo were given notices that their contracts will expire in September.
Those who owe Wells Fargo money will be given notices regarding the payment process.
Wells Fargo Financial Saipan branch manager James Matsumoto neither denied nor confirmed the report yesterday.
He told this reporter to contact their main office in the U.S. for comments.
The Associated Press reported on Wednesday that Wells Fargo & Co. is cutting 3,800 workers over the next year — 2,800 positions will be cut off in the next two months, and the remaining 1,000 positions will be cut off in the next year.
The report stated that 638 consumer finance offices will be closed as a result of a consolidation of the San Francisco-based bank into its community banking network.
The layoffs will reduce about 27 percent of Wells Fargo Financial’s 14,000 employees. The company has more than 278,000 employees.
