St. Louis is among lower-cost cities that Wells Fargo & Co. is looking to relocate some of its workforce to as it moves some staff out of high-priced areas.
The San Francisco-based bank-holding company disclosed in May its plans to reduce its future expenses by $4 billion. This includes business consolidations and restructurings.
As part of its cost cutting, Wells plans to to relocate some of its mid- and back-office functions from some of the most expensive cities to lesser-priced alternatives.
Source: Mortgage Daily