By early September, Wells Fargo planned to cut about 25% of its workforce or at least 50,000 jobs. Now, several employee posts indicate that the layoff process has already started.
Several posts on social media show that the cuts occurred in all departments. The 14-year-olds from the American financial services company were also asked to leave.
Some reports reveal that 500 jobs have already been cut from the strong workforce of over 2.5 lakhs. According to media reports, 700 jobs were cut in the Commercial Banking group.
The company has informed the Charlotte media that it is ready to take steps to improve the company’s efficiency and improve the experience for its employees, as well as customers, communities, and all stakeholders. This means that processes need to be simplified and more agile. This, in turn, requires Wells Fargo to control costs and reduce costs in the short, medium, and long term.
However, the company was open about the need to reduce its businesses and locations.
Furthermore, it will remain transparent and hopes to achieve stability, efficiency, and long-term sustainability through a careful combination of turnover, business travel, and job reduction.
With banks promoting more online banking and customers choosing to do it alone amid the pandemic, many features have become obsolete. Furthermore, the effects of the pandemic have forced banks around the world to cut costs.