Wells Fargo to Cut Jobs Over Next Three Years In Line With Transformation -- Update
September 20 2018 - 3:31PM
Dow Jones News
By Josh Beckerman
Wells Fargo & Co. (WFC) will reduce jobs as part of its
"ongoing transformation" to address industry trends and changes in
customer behavior like more use of digital self-service
technology.
The bank expects headcount to decline by about 5% to 10% within
the next three years, which includes displacements as well as
normal attrition.
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 non-core businesses, and continuing
to become a more efficient company," Mr. Sloan said.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 20, 2018 15:16 ET (19:16 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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