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Van Hollen Presses Wells Fargo on Frederick Layoffs

July 10th, 2018 by WCBC Radio

U.S. Senator Chris Van Hollen has written to Wells Fargo CEO Timothy Sloan expressing his concerns with the bank’s plan to lay off employees in Frederick, Maryland and across the country.

 

Senator Van Hollen wrote, “It is deeply concerning that Wells Fargo is proceeding to lay off workers after receiving a $3.4 billion windfall from the tax bill signed into law last year. As a result of this law, your company’s effective tax rate will drop nearly one-third from what you paid in 2016.”

 

Van Hollen continued, “Yet recent reports indicate that you plan to close 800 branches by 2020 while laying off hundreds of employees around the country, including 593 in Winterville, North Carolina, 460 in Bethlehem, Pennsylvania, 100 in Fort Mill, South Carolina, 46 in Menomonee Falls, Wisconsin, 28 in Pittsford, New York, nine in Raleigh, North Carolina, six in Columbia, South Carolina, and at least 61 of my constituents in Frederick, Maryland.”

 

He stressed, “In light of the considerable benefits you have received from the American people, I ask that you halt these layoffs and instead bring jobs back to the United States. The tax windfall should not be used to establish foreign call centers or further enrich wealthy shareholders at the expense of American workers.”

One Response to “Van Hollen Presses Wells Fargo on Frederick Layoffs”

  1. July 11, 2018 at 9:28 am, Greg Evans said:

    Companies don’t “receive” money from tax cuts, they keep more of their own money. CNBC reported in February that Wells Fargo lost a $600 million contract. Layoffs after such a loss are inevitable.

    Reply

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