Wells Fargo & Co resumed job reductions early August after it paused layoffs in March because of the COVID-19 pandemic, a spokeswoman said on Friday
The lender said in July it would launch a broad cost-cutting initiative this season as the bank braces for massive loan losses brought on by the pandemic and continues to operate through costly regulatory and operational problems tied to some long-running sales scandal.
Layoffs, branch closures and cuts to third party spending have been on the table, the bank's executives had then said.
"We hope to reduce the size of our workforce through a combination of attrition, the removal of open roles, and project displacements," a spokeswoman said in an email, including that Wells Fargo was operating to deliver its expenses more in line with its peers and make a business which is more"nimble".
The bank will offer severance and career assistance to impacted staff.
Big U.S. banks had stalled decisions about personnel cuts when the virus epidemic first began to take hold, together with executives saying they are unsure how long the outbreak would damage the economy and concerned about being unprepared if business suddenly snaps back.
Bloomberg News first reported that the resumed job cuts Friday.
First cuts will affect people the bank had planned to let go early this season before the pandemic halted layoffs, the Bloomberg report said, citing people briefed on the circumstance.
Bloomberg Law reported in July that Wells Fargo is planning to cut thousands of jobs starting later this season.
Layoffs, branch closures and cuts to third party spending have been on the table, the bank's executives had then said.
"We hope to reduce the size of our workforce through a combination of attrition, the removal of open roles, and project displacements," a spokeswoman said in an email, including that Wells Fargo was operating to deliver its expenses more in line with its peers and make a business which is more"nimble".
The bank will offer severance and career assistance to impacted staff.
Big U.S. banks had stalled decisions about personnel cuts when the virus epidemic first began to take hold, together with executives saying they are unsure how long the outbreak would damage the economy and concerned about being unprepared if business suddenly snaps back.
Bloomberg News first reported that the resumed job cuts Friday.
First cuts will affect people the bank had planned to let go early this season before the pandemic halted layoffs, the Bloomberg report said, citing people briefed on the circumstance.
Bloomberg Law reported in July that Wells Fargo is planning to cut thousands of jobs starting later this season.
