Wed. Sep 20th, 2023
    Wells Fargo to Further Reduce Costs through Property Sales and Job Cuts

    Wells Fargo & Co. is planning to continue cutting expenses by selling more properties and eliminating additional employees, according to Chief Financial Officer Mike Santomassimo. In a recent investor conference, Santomassimo stated that the company believes there is still a lot of work to be done in improving operational efficiency.

    Over the past few years, Wells Fargo has already eliminated approximately 40,000 jobs, resulting in a steady decrease in its workforce since mid-2020. Santomassimo acknowledged that this trend may not continue indefinitely, but there is still more to be done in terms of reducing staff.

    Additionally, the bank has noticed a significant shift in attrition rates since last autumn. As a result, Wells Fargo has increasingly turned to layoffs and severance packages to achieve its workforce reduction goals.

    Wells Fargo’s focus on cost-cutting and improved efficiency is part of its broader efforts to optimize its operations and profitability. By selling real estate assets and reducing its workforce, the bank aims to better align its expenses with its revenues.

    While specific details about upcoming job cuts and property sales were not provided, Santomassimo’s comments indicate that Wells Fargo remains committed to its cost-reduction initiatives.

    Source: Cox Media Group