September 20, 2018

Wells Fargo plans to cut up to 26,500 jobs over three years

Wells Fargo plans to cut as many as 26,500 jobs over three years as the troubled bank adapts to the rise of online banking.

CEO Tim Sloan said on Thursday that Wells Fargo plans to cut 5% to 10% of its 265,000-person workforce. He cited "changing customer preferences," including the wide adoption of digital banking.

"Wells Fargo takes very seriously any change that involves its team members, and as always, we will be thoughtful and transparent, and treat team members with respect," Sloan said in a statement.

Wells Fargo has been plagued by one scandal after another over the past two years. The legal problems have forced the bank to look for ways to cut costs.

This is a developing story.

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