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.
