National bank Wells Fargo & Co. said Thursday it will not retain 175 employees from Wachovia who do not fit Well Fargo's employment eligibility requirements.
San Francisco-based Wells Fargo recently acquired Wachovia and had been reviewing the employment eligibility of Wachovia's current employees who had previously worked at Wells Fargo.
The 175 employees not offered employment were among more than 2,000 Wachovia employees that had previously worked for Wells Fargo. Those decision to not offer those employees jobs was based on each person's employment history with Wells Fargo, according to a spokeswoman.
Those employees who didn't meet the requirements have been given the opportunity to request a review of their status. The spokeswoman said many of them have opted for that review.
Shares of Wells Fargo fell $2.91, or 12.6 percent, to close at $20.16 Thursday. Earlier in the session, the stock hit $19.03, its lowest point since April 2000. Shares have traded as high as $44.69 during the past year.