World Economy

Wells Fargo Shaves 2,000 Jobs

Wells Fargo Shaves 2,000 JobsWells Fargo Shaves 2,000 Jobs

Wells Fargo said it eliminated more than 2,000 jobs last quarter, its biggest drop in four years, as the San Francisco-based bank pushes forward with efforts to slash costs following a scandal over fake accounts, wbtv reported. The decline during the three-month period that ended June 30 came as Wells Fargo looks to trim billions of dollars in expenses under previously announced initiatives. Those plans include closing hundreds of branches, centralizing functions and cutting outside consultants. All told, the bank’s employee count fell by 2,200 in the quarter, Wells said in reporting its latest financial results. It marks the biggest quarterly decline in employees since 5,700 reductions toward the end of 2013, when Wells shaved large numbers of mortgage jobs amid slower refinancing activity.

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