Wells Fargo & Co.’s investment management and financial brokerage business unit is letting go 320 employees from its offices in the Innsbrook Corporate Center in western Henrico County.
The company’s wealth and investment management group, which includes Wells Fargo Advisors financial brokerage, plans to shift the work to its offices in Minneapolis and St. Louis, a company spokeswoman said. Affected employees may be able to keep their jobs by relocating.
“We are simplifying the way we do business,” spokeswoman Shea Leordeanu said in a statement. “As a result, we are moving some WIM [wealth and investment management] roles out of Richmond, Va., to our larger locations.”
The jobs will shift from the company’s offices at 4340 Innslake Drive in the Innsbrook Corporate Center to two of its larger wealth and investment management group locations in Minneapolis and St. Louis, which is headquarters for Wells Fargo Advisors.
The positions are operational roles supporting the brokerage business and are not client-facing jobs.
“We are committed to retaining as many employees as possible and will assist with the transition,” she said.
The company filed a federal WARN Act notice dated Jan. 21 notifying state and local officials about the workforce reduction.
Wells Fargo decided to exit a business unit that impacted the wealth and investment management group’s brokerage operations division, the letter said.
“We plan to verbally notify impacted employees who currently support the identified functions on January 21, 2021. We will give written notices starting in the second quarter with expected notification to be completed in the third quarter of 2021,” according to the letter.
“Each employee will be given a 60 day notice period,” the letter said. “The specific job titles, notice dates and the number of displaced employees will be provided once official notices are issued.”
Employees who do not secure positions within the company will be given severance pay, the letter said.
Wells Fargo employs about 2,000 people at its offices in the Innsbrook Corporate Center. Those offices include many employees who work for other parts of the company and are not affected by the layoff notice.
Wells Fargo’s brokerage business here has its roots to the former Wheat First Securities. The firm was bought by First Union Corp. in 1998 and became Wachovia Securities when First Union and Wachovia merged in 2001.
Richmond-based Wachovia Securities acquired the St. Louis brokerage A.G. Edwards & Sons in 2007. The company changed its name in 2009 after Wachovia merged with Wells Fargo and Co. in late 2008.
Wachovia Securities had phased out much of its operations in Richmond, including 17 floors in the West Tower of Riverfront Plaza downtown, for St. Louis. But the company kept some back-office operations at its campus in the Innsbrook Corporate Center.