Wells Fargo to lay off 5-10% of its workforce within the next three years

Wells Fargo to lay off 5-10% of its workforce within the next three years

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US-based financial services firm Wells Fargo has announced plans to retrench 5-10% of its workforce by 2021, in a company-wide townhall statement by CEO Tim Sloan.

According to the company's latest regulatory filing on 3 August, 2018, it has "approximately 265,000 active, full-time equivalent team members", thus the job cuts will be in the range of 13,250 to up to 26,500 employees globally, which reflects "displacements as well as normal team member attrition."

Human Resources has reached out to Wells Fargo for comment on the scope of job roles to be affected as well as the locations on the radar.  This story will be updated accordingly.

Per the statement, Wells Fargo is continuing to make "fundamental changes designed to make the company more customer-focused, streamlined, and better positioned for long-term success and operational excellence.

"This work includes strengthening risk management, simplifying operations, leveraging digital automation, divesting non-core businesses, and continuing to become a more efficient company."

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Sloan added: "Given changing customer preferences, including the accelerating adoption of digital self-service capabilities, the focus on operational excellence, and ongoing commitment to efficiency, the company expects headcount to decline by approximately 5 to 10 percent within the next three years. This decline would reflect displacements as well as normal team member attrition over that period."

On the support provided to employees during this period, the statement added: "We have robust programmes to make impacted team members aware of other job opportunities within Wells Fargo and provide support as they transition to the next phase of their careers."

Photo / StockUnlimited

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