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Volkswagen Financial Services transfers its major roles in U.S to Wells Fargo
- Beginning on April next year, Volkswagen will transfer U.S. auto loans processing and management to Wells Fargo from Volkswagen Financial Services (VFS), Automotive News reported citing an individual familiar with the matter.
- VFS will retain roles such as marketing, referring borrowers to Wells Fargo and dealership management and maintenance.
- The partnership is expected to result in job cuts.
- At the end of 2023, VFS had 15,439 employees worldwide, 7,311 based in Germany alone.