Wells Fargo CFO Mike Santomassimo announced that the bank anticipates further layoffs and real estate sales. Since CEO Charlie Scharf took over in October 2019, Wells Fargo has already laid off approximately 70,000 employees, consistently reducing staff every quarter for over five years. This continued shedding of staff indicates an ongoing restructuring or cost-cutting effort within the company.
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Wells Fargo CFO expects more layoffs after cutting tens of thousands of workers
Wells Fargo CFO Mike Santomassimo announced that the bank anticipates further layoffs and real estate sales. Since CEO Charlie Scharf took over in October 2019, Wells Fargo has already laid off approximately 70,000 employees, consistently reducing staff every quarter for over five years. This continued shedding of staff indicates an ongoing restructuring or cost-cutting effort within the company.