Wells Fargo & Company
) has announced job creation in the Phoenix region as part of its
effort to augment the top line by increasing home loans. The
company will employ approximately 900 workers in a new home loan
operations office in Tempe, and also in the existing mortgage
offices in the region of Phoenix, Arizona.
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Wells Fargo Home Mortgage - the mortgage unit of Wells Fargo -
will hire the new workers through a job fair. Among the
newly-hired employees, roughly 300 will be for the new loan
operations center in Tempe, which will open in early February
this year. The center will handle loan processing, underwriting,
closing and post-closing matters.
Since 1998, Well Fargo has been running a fulfillment operations
center in Tempe and presently employs around 1,000 people in the
region. The new center will be the company's third in Tempe.
Earlier in June 2012,
Bank of America Corporation
) announced its intention to add jobs in the Phoenix area. Even
though the exact number of new employees was not determined, the
banking powerhouse would start hiring after conducting an
assessment of the company's businesses in the region at the end
Earlier in July 2012, Wells Fargo announced the addition of jobs
both in the U.S. as well as Asia. Its brokerage unit, Wells Fargo
Advisors, was growing its St. Louis office and intended to create
400 jobs in the city, within a span of three years. In addition
to boosting its workforce in the U.S., Wells Fargo augmented its
employee base in Asia. In the next three years, the company plans
to augment its Asian workforce by at least 10%.
Given its diverse geographic and business mix, Wells Fargo stands
to benefit from consistent earnings growth. It has achieved the
eleventh consecutive quarter of growth in earnings by reporting
earnings per share of 88 cents in the third quarter of 2012,
representing 22% year-over-year growth based on improvements in
non-interest income as well as cost control measures.
We believe that expanding workforce in selected markets will
augment Wells Fargo's business and position it better compared to
the peers. Moreover, strategic acquisitions will help expand the
company's business and improve its profitability. Hiring more
people would also encourage faster economic recovery.
Wells Fargo currently retains a Zacks #4 Rank, which translates
into a short-term Sell rating.