Wells Fargo Readying Thousands of Job Cuts to Start in 2020
- Tens of thousands of positions may ultimately be eliminated
- Move may test vows by U.S. banks to keep staff amid pandemic
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Wells Fargo & Co., the largest employer among U.S. banks, is preparing to cut thousands of jobs starting later this year, potentially setting a bleak precedent for an industry that’s been resisting mass layoffs as the coronavirus pandemic worsens.
Pressure to dramatically reduce costs is coming to a head inside the bank, prompting executives to draft plans that may ultimately eliminate tens of thousands of positions, people with knowledge of the confidential talks said, asking not to be named. Some analysts predict the lender may post its first quarterly loss in more than a decade next week, when the firm is set to reveal how much it’s lowering its dividend following Federal Reserve stress tests.