Wells Fargo & Company (WFC) has announced some job creation in the Mid-Atlantic region. The company will employ over 1,000 team members by mid-May 2011 in Wachovia Banking Stores in Virginia, Maryland and Washington, D.C.
The hiring comes prior to the conversion of Wachovia stores to Wells Fargo brand and systems, scheduled in fall 2011. Since the closure of the Wells Fargo-Wachovia merger in at the end of 2008, Wells Fargo has hired about 600 store team members in the Mid-Atlantic region.
The positions that Wells Fargo is filing up this time include both part and full time ones and the employees would be entitled to avail benefit packages, which include medical and dental coverage, paid time off for vacations, illness and volunteerism, dollar-for-dollar match on 401(k) up to 6%, discounts and savings on Wells Fargo products and services, and tuition reimbursement.
The financial crisis had led to drastic operating location closures and job cuts. However, with signs of economic recovery, hiring is back on track, which is a positive sign. Companies are looking for opportunities to widen their footprint and are opting for mergers and acquisitions for expansion. New branches would require more people for operational purposes and therefore such expansion plans are always welcome for economic recovery.
Last month another Wall Street biggie, JPMorgan Chase & Co. (JPM), also announced its plan to expand its retail banking operations. Over the next three years, the company intends to add at least 1,000 new branches and could add up to 2,000 within the next five. The company would also focus on aggressive growth in California and Florida.
Wells Fargo shares currently have a Zacks #3 Rank, which translates into a short-term Hold recommendation. Considering its fundamentals, we also have a Neutral recommendation on the stock.
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