Wells Fargo warning ⚠️ about mass layoffs 😳 pic.twitter.com/IgQTsAGeVr
— Win Smart, CFA (@WinfieldSmart) December 10, 2023
‘More aggressive’ job cuts are coming to Wells Fargo, the bank’s CEO says
Wells Fargo is planning to be “more aggressive” about layoffs at the bank, and expects to have higher severance costs in the fourth quarter than initially expected, its CEO said.
In September, Wells Fargo said additional layoffs and a decrease in office space were expected for the company. In recent years, tens of thousands of jobs were cut. More may come in 2024.
CEO Charlie Scharf said the job cuts, and finding ways to be more productive, is like “peeling an onion back.” He made the comments during an investors conference on Tuesday hosted by Goldman Sachs U.S. Financial Services.
“When you become more efficient it gives you a chance to look at everything else and say, ‘Okay, what’s next?,’ ” Scharf said about the company not being close to where it need to be in terms of reducing expenses.
Wells Fargo’s headcount went down significantly, Scharf said. The company had more than 268,000 employees in 2020, according to a filing with the U.S. Securities and Exchange Commission. Scharf the bank is now down to 230,000 or fewer employees. That’s a 14% decrease in jobs.
Bank of America is closing a lot of banks as well.
h/t Tonight We Ride!