Big MN Employers Boston Sci, Wells Fargo to Cut Jobs
Two major employers within the state recently announced plans to shed jobs.
Boston Scientific Corporation and Wells Fargo & Company have separately indicated that they plan to lay off workers.
Boston Scientific expects to cut between 1,200 and 1,400 employees by the end of 2013 through layoffs and attrition-a move that's expected to save between $225 million and $275 million annually, according to the Star Tribune. Some of that savings will be invested in other areas of the company, which employs about 5,000 in Minnesota.
The cuts are reportedly part of a global restructuring program that will eliminate unnecessary positions and automate some production work. Boston Scientific didn't specify which divisions within the company the announcement will affect-and it's unclear whether employees in Arden Hills, Maple Grove, and Plymouth will be affected.
San Francisco-based Wells Fargo, meanwhile, will lay off fewer than 150 of the approximately 18,000 employees in the Minneapolis area, according to the Star Tribune. Those employees-who are in the brokerage operations group-will reportedly have until sometime this fall to find other jobs, and they will have the opportunity to apply for other jobs within the company.
Boston Scientific's announcement came just one day after the Natick, Massachusetts-based company announced plans to expand its operations in China-which include hiring up to 1,000 new employees. The announcement was made at the same time that the company reported second-quarter results. The company's earnings during that period rose 48 percent to $146 million, or 10 cents per share, and its sales grew 2 percent to $1.98 billion.