Layoffs Lowdown: Wells to Cut 548 Jobs

Wells Fargo & Co today said it is freezing its cash-balance pension plan for all employees, and has issued layoff notices to 548 workers in uptown Charlotte, North Carolina, the former home of Wachovia Corp., Reuters reports. A significant number of the 548 layoffs are in investment banking, a smaller unit of the former Wachovia that Wells Fargo has been reducing in size. These job cuts began in February, and will continue through late July, the bank said.