Wells Fargo lays off more than 200 business bankers in US: sources

Representatives for Wells Fargo confirmed the cuts but did not elaborate on how many agricultural bankers were laid off.

The staffing cuts are particularly ill-timed for the bank's soybean, corn and grain farm customers, who are looking to renew loans to finance their spring planting operations. Wells Fargo has also been traditionally regarded as one of the most active lenders to the US oil and gas sector. But its energy team was still recovering from hefty losses it booked in 2016, when crude prices plunged to US$26 a barrel and forced a number of bankruptcies in the sector.

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