Wells Fargo prepares to cut thousands of jobs later in 2020
Plans for layoffs may set a bleak precedent for the industry facing mounting loan losses
New York — Wells Fargo, the largest employer among US banks, is preparing to cut thousands of jobs starting later in 2020, potentially setting a bleak precedent for an industry that has 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 a quarterly loss next week, when the firm is set to reveal how much it’s lowering its dividend after Federal Reserve stress tests...
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