Wells Fargo layoffs could be in tens of thousands, report says

Posted at 9:41 AM, Jul 13, 2020
and last updated 2020-07-13 12:41:39-04

Layoffs at Wells Fargo & Co. could be in the tens of thousands, according to a Bloomberg Law report, citing people familiar with the matter.

Job cuts will start this year, as Wells Fargo executives are under increasing pressure to cut costs.

The San Francisco-based bank employs about 263,000 people nationwide. Wells Fargo is the second-largest bank operating in the Valley, with $21.3 billion in local deposits and a 19.7% market share, according to Business Journal research.

A spokesperson at Wells Fargo declined further comment.

Read more from the Phoenix Business Journal.