DENVER — Layoffs at Wells Fargo & Co. (NYSE: WFC) could be in the tens of thousands, according to a Bloomberg Law report, citing people familiar with the matter.
Job cuts will start this year, as Wells Fargo executives are under increasing pressure to cut costs. The San Francisco-based bank employs about 263,000 people, including 27,500 in the Charlotte region, its largest employment hub. It's grown its Charlotte footprint by several thousand employees in the past decade.
A spokesperson at Wells Fargo, the largest bank by deposits in the Denver area, declined further comment.
Gerard Cassidy, an analyst at RBC Capital Markets, said Wells Fargo has attempted to right-size its organization since the fake-accounts scandal broke in 2016. Former CEO Tim Sloan touted cost-cutting plans before stepping down in March 2019 after two-and-a-half years. However, the bank continues to grapple with high legal and compliance costs related to the scandal. It is also operating under an asset cap, a threshold regulators relaxed for small-business lending during the pandemic.
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