Wells Fargo to cut up to 26,000 jobs over the next 3 years


Wells Fargo CEO Tim Sloan announced Thursday that Wells Fargo is expected to cut as many as 26,500 jobs over three years.

September 20, 2018 at 3:11 PM EST - Updated September 20 at 3:55 PM

(CNN) - Wells Fargo CEO Tim Sloan announced Thursday that Wells Fargo is expected to cut as many as 26,500 jobs over three years.

He said it's due to changing customer preferences, which includes a rise in online banking.

The workforce reduction will occur with layoffs and attrition.

"Wells Fargo takes very seriously any change that involves its team members, and as always, we will be thoughtful and transparent, and treat team members with respect," Sloan said in a statement.

Regulators slapped large fines on the bank after a wave of scandals over the past two years, including the creation of millions of fake bank accounts.

Last quarter, Wells Fargo reported profit declines and a rise in expenses, which forced the bank to find ways to cut costs as it faces soaring legal bills.

The bank also announced earlier this year it plans to shut down 800 more branches by 2020.

The third-largest U.S. bank announced in June it will sell all of its branches in Indiana, Michigan and Ohio – a good chunk of the Midwest.

http://www.wbtv.com/2018/09/20/wells...er-next-years/