Two of Texas’ best-known financial institutions are cutting jobs as the banking sector continues to tighten. Wells Fargo and Colonial Savings both filed notices with the state confirming a combined more than 350 layoffs over the next several months, citing restructuring and division shutdowns tied to shifting economic conditions.
Wells Fargo said it will eliminate 225 positions at its Lubbock support operations center by Dec. 26, as part of its plan to exit the site at 4320 Huron Ave., according to a filing with the Texas Workforce Commission. The notice, dated Oct. 28, states the action “is anticipated to be permanent” and that affected employees “do not have bumping rights and are not represented by a union.”
“These business decisions are never easy,” the company wrote, adding that it would provide severance, career assistance and other services to help displaced workers transition. Wells Fargo said eligible employees will receive severance based on years of service and can continue participating in the company’s health plans at active rates for a period of time…