Financial services firm Wells Fargo Advisors is investing $33 million to expand its operations in the St. Louis area. Missouri Governor Jay Nixon and St. Louis Mayor Francis Slay joined the company’s president and CEO Danny Ludeman Friday for the announcement at the company’s downtown headquarters.
Mayor Francis Slay scored a decisive victory Friday in his months-long battle to rein in firefighter pension costs. In a 17 to 10 vote, the St. Louis Board of Aldermen approved major reforms to the department’s retirement system, cutting benefits, raising payments, and preventing full retirement until age 55.
Slay’s office estimates the changes will save the city $8 million a year in pension costs that have more than quadrupled in the last five years.
Mayor Slay’s Chief of Staff Jeff Rainford says the reforms are necessary and protect taxpayers.