Wells Fargo is set to lay-off around 1,000 of its employees in the US as a part of its previously announced plan to reduce its workforce by 10% by 2020.
The retrenchment will affect the bank’s Consumer Lending and Payments, Virtual Solutions and Innovations segments.
Most of the affected employees have received 60-day notices, while some were given pre-notices, which confirm that they will receive the termination notice next year.
Reuters quoted Wells Fargo spokesperson Tom Goyda as saying: “We are committed to retaining as many team members as possible and will do everything we can to help them identify other opportunities within Wells Fargo.”
Wells Fargo job cut details
In the latest layoff round, about 900 employees will be fired from the bank’s home lending unit. The bank’s Des Moines in Iowa will face 400 job cuts followed by Fort Mill in South Carolina with 111 reductions.
The remaining layoffs from the home lending unit are spread across the US.
In September, the bank announced plans to reduce its headcount by 5-10% in the next three years, a part of its transformation programme to focus on digital banking mediums.
Additionally, the bank has reduced the strength of its mortgage division by 600 employees over this year.
Wells Fargo aims to save $4bn by 2020 through these job cuts. It is also planning to reduce its branch network and divest non-core operations to reduce costs.