Wells Fargo says it will cut headcount by as much as 10% in the next 3 years

Read full story

Wells Fargo CEO Timothy Tim SloanRichard Drew/AP ImagesWells Fargo CEO Timothy J. Sloan is interviewed on the floor of the New York Stock Exchange.

Wells Fargo said on Thursday it would cut its staff by about 5% to 10% within the next three years.

The reduction would reflect displacements as well as normal team-member attrition over that period, the company said.

Wells Fargo has 265,000 employees, meaning the cuts would encompass as much as 26,000 people.

Wells have been hit with a range of problems over the last several years, beginning with the fake-accounts scandal in 2016, when the firm said employees had opened millions of customer accounts without their consent in order to meet sales targets. The revelation forced the resignation of CEO John Stumpf. His replacement, Tim Sloan, has been battling to overcome the scandal and a series of subsequent issues.

On Wednesday, the bank denied a report that its board of directors had been reaching out to CEO candidates to replace Sloan.

Add Comment()

Comments ()

Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.