Wells Fargo preparing to cut thousands of jobs: Report

Wells Fargo has roughly 260,000 employees

Wells Fargo is preparing to cut thousands of jobs later this year in an effort to reduce costs, according to a report from Bloomberg Law.

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WELLS FARGO TO CUT DIVIDEND WHILE OTHER BIG BANKS HOLD PAYOUTS STEADY

The plans being drawn up by Wells Fargo executives could eventually lead to tens of thousands of jobs being cut, according to Bloomberg, citing people with knowledge of the confidential talks.

Wells Fargo declined to comment on the report.

In this April 3, 2020, file photo, customers, some wearing face masks, line up outside a Wells Fargo branch in the Atwater Village neighborhood of Los Angeles, during the coronavirus outbreak. (AP Photo/Damian Dovarganes, File)

Wells Fargo Chief Financial Officer John Shrewsberry had alluded to cuts in June.

"There will come a time, and I assume at some point this year, when we get back to executing on programs that are in place and some that are still under development that are designed to get our total expense base, which for us means our total headcount, to as lean a state as we can reasonably operate," Shrewsberry said at a virtual financial conference.

The news comes as many large employers, from Nike to Boeing, are warning about or implementing job cuts.

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Wells Fargo, one of the largest U.S. banks, employs about 260,000 people. Unlike its competitors including Goldman Sachs and Morgan Stanley, Wells Fargo said in late June it would cut its dividend, something a major bank hasn't done since 2009.

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