Wells Fargo will be hard-pressed to layoff 3 million employees considering the combined Wells Fargo/Wachovia workforce is around 280 THOUSAND.
Any time a merger or acquisition occurs, there will be duplication of jobs and some people will get the axe. And, in the face of the bloated default housing "market" it's doubtful that even Wells Fargo will remain untouched - which will probably lead to more layoffs. But a few thousand may be let go, not an impossible 3 million.
Unlike many of its peers, the San Francisco-based bank is expected to remain profitable when it reports Wednesday. Analysts are forecasting that the company will report net income of $1.07 billion, or 33 cents a share, according to Thomson Reuters.
This from news dated January 27, 2009 at Wells Fargo tries to keep winning streak alive - Jan. 27, 2009
where a potential for Wells Fargo gloom is hinted at, along with the somewhat surprising news that WF is doing better than expected. As shown above WF is turning a profit.