Wells Fargo Preparing to Cut Thousands of Job Position To Cut Cost

The effect of the coronavirus pandemic on companies that are worst hit by the virus is beginning to force some of these companies into taking drastic measures like temporary or permanent closure of part of their locations or laying off some of their staff. 

On Thursday, Bloomberg Law reported that (Reuters) - Wells Fargo & Co (WFC) is preparing to cut thousands of jobs starting later this year. The company's plan is to eliminate thousands of positions so as to reduce costs and at the same reduce loss and save more money.

Wells Fargo is the fourth-largest U.S. lender by assets. In 2016, the company was faced with a series of fines and costs relating to sales abuses. While it gradually liberates itself from the fines, the ravaging coronavirus pandemic has resulted in an economic downturn in the company's finance. Therefore, in a bid to save its mounting loan loss, the bank would be cutting off thousands of positions.

However, the report revealed that the bank executive is yet to adopt a specific target on how it intends to layoff some of its 263,000 workforces.

The report also revealed that the bank might not share its plans on how it is going to shrink its workforce when it announced its second-quarter result on July 14.

Wells Fargo is yet to provide any comment in relation to this.