Wells Fargo lays off 103 in Orlando

Wells Fargo is closing a facility in Orlando, laying off more than 100 people in the process, according to a notice sent to the Florida Department of Economic Opportunity.

The notice, filed Tuesday, said the bank will be closing a unit at 11050 Lake Underhill Rd., thus terminating 103 positions within its consumer and small business banking division.

This action is anticipated to be permanent, the notice said.

It’s unclear why the layoffs were announced. The notice said Wells Fargo regularly reviews and adjusts staffing levels to meet the needs of its business.

Of the roughly 100 positions, five were managerial, 70 were representatives, 13 were lead representatives and 15 were senior representatives.

“Employee reductions are never easy for either the employees or for Wells Fargo. We will make every effort to minimize the impact and ease the transition for our affected employees,” the bank said.

Impacted employees do not have bumping rights and are not represented by a union, according to the notice.

Wells Fargo said it expects most, if not all, of the affected employees will accept severance benefits, which are based on years of service.

This isn’t the first the bank has let go of more than 100 people in one of its Orlando locations.

In 2018, Wells Fargo laid off 137 people in its mortgage division as part of nationwide layoffs. At the time the bank blamed the layoffs on changes in “market conditions and consumer needs.”

Over the years, Wells Fargo has been dealing with the backlash of several controversies, including accidental releases of client data. Between 2002 to 2016, bank employees opened millions of accounts in customers’ names without their knowledge amid pressure from higher-ups.

In effort to move past the misconduct, Wells Fargo said replaced its top executives and promised to prioritize customer safety and stop business wrongdoings.

In May, the bank agreed to pay $1 billion to settle a class-action lawsuit accusing the bank of lying about how much progress its made fixing unlawful practices.