In early September, Wells Fargo was said to be planning to cut about 25 per cent of its workforce, that is, at least 50,000 jobs. Now, various posts by employees indicate that the process of layoffs has begun.
From various social-media posts, it is clear that cuts have taken place across departments. Even those as old as 14 years in the American financial services company have been asked to leave.
Some posts reveal that 500 jobs have already been axed from its over two and a half lakh strong workforce. As per media reports, 700 jobs have been cut in the Commercial Banking group.
The Company conveyed to the media in Charlotte that it is all set to take steps towards improving the efficiency of the Company and enhancing the experience for its employees as well as customers, communities and all stakeholders. That means, processes will have to be streamlined and made nimble. This, in turn, will also require Wells Fargo to control expenditure and cut costs in the short, medium and long term.
However, the Company has been open about the need for downsizing across business lines and locations.
Moving further, it will continue to be transparent and hopes to achieve stability, efficiency and long-term sustainability through a thoughtful mix of attrition, job displacements and cutting of open roles.
With banks promoting more online banking and customers themselves preferring the same amidst the pandemic, many roles have been rendered redundant. Also, the repercussions of the pandemic have forced banks across the globe to cut costs.