Employees at Wells Fargo & Co.'s brokerage operations group in Minneapolis were told Wednesday that they have until sometime this fall to find other jobs.

The bank has about 18,000 employees in the Minneapolis area, and the announcement concerned fewer than 150 of them, spokeswoman Peggy Gunn said. She declined to provide a specific number of expected layoffs, noting that the employees will have an opportunity to find new jobs with the company.

"Usually we don't get into specifics about numbers because these are positions that are being eliminated due to business needs," Gunn said.

Employees aren't necessarily being eliminated, she said, but their current positions will be phased out.