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Non-Tech : WELLS FARGO

WFC 86.97

+1.1%

Oct 31 9:30 AM EST

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To: Lel H who wrote (1213)	6/29/1999 4:01:00 PM
From: David C. Burns	Read Replies (1) of 1281

Wells Fargo Cutting Norwest Jobs MINNEAPOLIS (AP) - Wells Fargo & Co. will cut 1,000 teller jobs at its Norwest Bank branches as part of the newly merged bank's plan to reduce its workforce. Many of the jobs will be eliminated through attrition, said Wells spokesman Larry Haeg. Between 30 and 40 percent of tellers turn over each year. Wells Fargo uses sophisticated staffing models to determine its workforce needs in its banks. Norwest did not use such advanced models, which sometimes led to overstaffing, said analyst Jay Tejera of Ragen MacKenzie in Seattle. The cutback in teller positions is part of San Francisco-based Wells Fargo's effort to eliminate about 4,600 jobs since its merger with Minneapolis-based Norwest. The $32 billion merger was approved in November, creating the nation's seventh largest bank with 92,000 employees.

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