Wells Fargo to Cut Up to 10 Percent of Workforce

Sep 21, 2018

Wells Fargo, the largest mortgage lender and third largest bank in the nation, is planning to cut between five and 10 percent of its workforce over the next three years.

CNBC reported that the San Francisco-headquartered Wells Fargo, which has $1.9 trillion in assets, employs 265,000 individuals across the country, which means between 13,250 and 26,500 jobs will be lost. CEO Tim Sloan insisted that layoffs are part of "ongoing transformation, which addresses industry trends and changes in customer behavior."

"We are continuing to transform Wells Fargo to deliver what customers want—including innovative, customer-friendly products and services—and evolving our business model to meet those needs in a more streamlined and efficient manner," said Sloan in a press release.

Wells Fargo also pushed back against rumors that Sloan’s job was in jeopardy, with Gary Cohn, formerly director of the National Economic Council for President Trump, as a potential replacement. Betsy Duke, Chairwoman of Wells Fargo’s Board of Directors, said in statement that the CEO "has the unanimous support of the board, and this support has never wavered."

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Phil Hall

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Sep 21, 2018

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