Bank / Credit Union

Wells Fargo to cut thousands of jobs

July 10, 2020

Wells Fargo is planning to cut thousands of jobs starting later this year, according to a report in the New York Post.

The company's plans to eliminate tens of thousands of positions is thought to be due to pressure from management to "dramatically reduce costs," the report said.

Wells Fargo, considered the fourth largest U.S. lender by assets, has already made cuts to help steady its revenue base after racking up numerous fines and costs directly related to charges of sales abuse in 2016, a increasing mound of loan loss provisions due to the coronavirus and a struggling economy.

The company hasn't officially stated what jobs will be targeted from its workforce of approximately 263,000.

Wells Fargo will announce second-quarter results on July 14. No announcement on the cuts are expected at that time.