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9/20/2018 11:28:55 PM
Wells Fargo on Thursday said it would reduce jobs as part of its “ongoing transformation” to address industry trends and changes in customer behavior.
The bank expects head count to decline by about 5% to 10% within the next three years, which includes displacements as well as normal attrition.
Wells Fargo WFC, +0.60% had about 265,000 team members at the end of the second quarter.
Chief Executive Tim Sloan, in a regularly scheduled employee town hall meeting, discussed Wells Fargo’s progress in becoming more customer-focused and streamlined. “This work includes strengthening risk management, simplifying operations, leveraging digital automation, divesting noncore businesses, and continuing to become a more efficient company,” Sloan said.
https://www.marketwatch.com/story/wells-fargo-announces-plan-to-cut-tens-of-thousands-of-jobs-2018-09-20
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