Wells Fargo cuts 1,000 jobs across the U.S.

About 900 of the cuts will occur in the bank's home-lending unit, as higher rates and competition cut into that business

Nov 15, 2018 @ 3:55 pm

By Bloomberg News

Wells Fargo & Co. is cutting about 1,000 jobs across its consumer-lending and tech-payments units as part of a much larger workforce reduction announced earlier this year.

Approximately 900 of the positions will come from the bank's home-lending unit, company spokesman Tom Goyda said in an emailed statement, as higher interest rates and heightened competition cut into Wells Fargo's mortgage originations. Des Moines, Iowa, and Fort Mill, S.C., are among the locations affected.

The cuts are part of Wells Fargo's effort "to focus our business on evolving customer preferences, the accelerating adoption of digital self-service capabilities, and operational excellence and efficiency," Mr. Goyda said.

(More: Wells Fargo considering sale of retirement-plan unit)

Earlier this year, the bank's chief executive officer, Tim Sloan, said he plans to trim the workforce by as much as 10% in three years as part of his efforts to streamline operations.

As of Sept. 30, the bank had 261,700 employees, according to a regulatory filing.

(More: Wells Fargo combines private bank, ultra-high-net-worth units)

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