The company's plans will eventually result in eliminating tens of thousands of positions due to pressure to "dramatically reduce costs," the report said.
Wells Fargo, the fourth-largest U.S. lender by assets, is leaning on cost cuts to stabilize its bottom line as it recovers fromWells Fargo CEO Charlie Scharf is looking at outsiders to run the bank's sprawling wealth business. Here's why it may be one of the toughest jobs on Wall Street. The bank's executives have not yet adopted a specific target for shrinking its workforce of about 263,000, the report added, citing one person familiar with the matter.
They are not likely to share details on the plan when they announce the bank's second-quarter results on July 14, the report added.Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please emailfrom Business Insider Intelligence on how COVID-19 is affecting industries.
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