Wells Fargo Kicks Off Cost-Cutting Plan by Resuming Layoffs
Wells Fargo (NYSE: WFC), the largest U.S. bank by number of employees, has resumed cutting thousands of workers from its payroll, a process that it had put on hold due to the coronavirus pandemic, Bloomberg reported Friday.
"Starting in early August, we resumed regular job displacement activity," a spokesperson for the bank told Bloomberg. "We are at the beginning of a multiyear effort to build a stronger, more efficient company."
One of the largest U.S banks, Wells Fargo had more than 240,000 employees at the end of the second quarter.
Source Fool.com
