Wells Fargo preparing to cut thousands of jobs: Bloomberg Law

The company’s plans will eventually result in eliminating tens of thousands of positions due to pressure to “dramatically reduce costs”, the report said.

Wells Fargo, the fourth-largest U.S. lender by assets, is leaning on cost cuts to stabilize its bottom line as it recovers from a raft of fines and costs relating to sales abuses first uncovered in 2016 and mounting loan loss provisions due to the coronavirus-driven economic downturn. The bank’s executives have not yet adopted a specific target for shrinking its workforce of about 263,000, the report added, citing one person familiar with the matter.

They are not likely to share details on the plan when they announce the bank’s second-quarter results on July 14, the report added.Reporting by Bharath Manjesh in Bengaluru; Editing by Shinjini Ganguli and Maju Samuel

Well, since they can't rob, cheat or swindle us anymore they don't have the income for jobs.

New CEO, same old ideas. Everytime there's a crisis, the ax always falls on the regular Joes. Freeze bonuses, the 401k match, a % cut or deferred compensation for top execs or just cut the dividend already, but please, sustain that steady paycheck for regular Joes.

Yes... You cant have too many crooks in one building...

Maybe you will see APPLE cut thousands of jobs soon.

Wells Fargo was once the Crown Jewel of banking. They had the best training program. Most major banks had Wells alumni. BTW, Bank of America is cutting jobs too. Sad times.

Didn’t banks just get a bailout TrumpRecession BLM

Did you know when I wrote the song moby dick, whale wars came out shortly after.

Trumpeconomy

The winning keeps on giving.

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