Wells Fargo is preparing to lay off 26.500 employees. The fourth largest US bank has announced that it will cut 10% of its workforce over the next three years. Wells Fargo currently has 265 employees worldwide.
The San Francisco-based institute, still grappling with the 3,5 million phantom accounts scandal that hit it last year, said it would cut the number of its employees as part of an "ongoing transformation" aimed at face the current trends in the reference sector.
"We have distanced ourselves from the past - said the bank's CEO, Tim Sloan - we are focusing on customers, strengthening controls and risk management, simplifying our organization ... all in the spirit of building a better Wells Fargo for our customers".
Sloan also said Wells Fargo is investing in digital automation and shedding non-core businesses. Last week, the Californian institute revealed its intention to reduce the group's total expenses by about 3 billion dollars for 2020.
