Wells Fargo plans to close its global operations offices in Hillsboro, Portland, and Salem by the end of 2025, following over 400 layoffs since September 2022. The company, which employs more than 1,000 workers across these sites, has not disclosed how many jobs will be affected. Michael Grossberg, a Wells Fargo executive, said: “These decisions were not made lightly. We understand the significant impact of these decisions on you and your families.” Employees will receive at least 60 days’ notice and may be offered positions in other states. Despite the layoffs, Oregon’s labor market remains stable, with an unemployment rate of 4.0% as of September. The bank’s decision is part of a broader trend of layoffs affecting major employers in Portland, including Nike and Intel.
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