Wells Fargo has eliminated over 700 positions in its commercial banking unit - Business Insider

division provides services to business clients who, in most cases, see more than $5 million in sales.Business Insider Intelligence

Company spokeswoman Katie Ellis noted that the bank is "at the beginning of a multiyear effort to build a stronger, more efficient company," and that "impacts, including job reductions, in nearly all of [its] functions and business lines, including commercial banking" will be part of that work. . Over 30 banks around the world have together planned approximately 68,000 staff reductions, according to figures compiled by Bloomberg.slash

35,000 jobs over three years as it works to reduce costs by $4.5 billion—major US players including Citi, Goldman Sachs, and Chase are making smaller cuts, per Bloomberg, as are banks like Intesa Sanpaolo in Italy and the UK arm of Spanish bank Banco Sabadell, Staff reductions represent another way that banks are trying to adapt as the coronavirus pandemic forces change upon the industry.

In addition, economic instability among their customer bases are leading banks to brace for massive losses: Six of the

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