Wells Fargo to Cut Jobs Over Next Three Years In Line With Transformation -- Update

   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)

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