My sources are telling me that over 150 people were laid off from the Wells Fargo Auto Finance division in Chester, Pa today. Rumors have swelled that up to a 1000 people will be laid off over the course of the coming month. Folks in Allentown were laid off as well as a small office in Boise today too. Quietly, this $24billion branch of Wells Fargo bank is slowly collapsing and will ultimately become one big write off to the company in the next few years.
Just a minor bump in the road though, the economy is in a slow down.