Wells Fargo plans to hire 5,200 to 5,500 people a year to handle growth nationwide in its brokerage, private banking and retirement businesses.
Wells said most of the new hires will serve to fill vacancies created through attrition in these areas of the bank. The firm is hiring and firing at the same time in an attempt to keep up with the changing economy. These hires come at a time when Wells Fargo is laying off workers in its mortgage services area.
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The hiring includes about 750 people who will be brokerage trainees, said Bret Marshall, head of talent acquisition at Wells Fargo.
Additionally, Wells Fargo has 200 retail positions open in Arizona, mostly for tellers and personal bankers, said Lori Brown, spokeswoman for Wells Fargo in Phoenix.
The hirings come shortly after Wells Fargo has reported that it was cutting more than 2,300 jobs in its mortgage underwriting business, including 55 in Irving. Those cuts were caused by reduced demand in the mortgage sector.
Marshall said hiring in brokerage, private banking and retirement services will include both industry veterans with established networks, as well as the relatively inexperienced.
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By GlobalDataMarshall added that the hiring will take place in several California cities, Las Vegas, Chicago, Atlanta and the Northeast.
Wells is eager to expand its brokerage and wealth advisory operations as new regulations limit revenue elsewhere, such as fees on bounced checks.
Brown said: "The Mortgage Servicing displacements were impacted by a rise in interest rates which affected consumer demand for mortgage financing, causing volumes to fall below what we experienced throughout 2012 and early 2013.
We are reducing staff in Tempe and Phoenix to respond to this shift in demand and better align and increase efficiency of our organization," she added.
The hiring plans underscore how Wells Fargo, operating about 90 different financial services businesses under leadership of CEO John Stumpf, who can cut jobs in one area while hiring in other parts of the bank.
