Wells Fargo & Co. is suspending new job cuts, joining lenders on both sides of the Atlantic that are giving workers a reprieve as they grapple with the impact of the coronavirus.
“We have paused initiating new displacements,” spokeswoman Beth Richek said Thursday in a statement. “We will continue to evaluate during this fluid situation.”
The bank joins Citigroup Inc. and Morgan Stanley in pledging to preserve jobs as the pandemic roils markets and businesses, and raises the prospect of deep losses across the industry. In Europe, HSBC Holdings, Deutsche Bank and Lloyds Banking Group are among the companies doing the same.
Wells Fargo has the largest workforce of any U.S. bank, with approximately 260,000 employees at year-end.
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