{"id":2384,"date":"2018-09-20T22:09:56","date_gmt":"2018-09-20T22:09:56","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/wells-fargo-to-reduce-workforce-by-up-to-10\/"},"modified":"2018-09-20T22:09:56","modified_gmt":"2018-09-20T22:09:56","slug":"wells-fargo-to-reduce-workforce-by-up-to-10","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/wells-fargo-to-reduce-workforce-by-up-to-10\/","title":{"rendered":"Wells Fargo to reduce workforce by up to 10%"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"Wells Fargo branch\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/68A1\/production\/_100958762_gettyimages-861003116.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">The troubled US bank Wells Fargo is planning a steep reduction of staff that could affect more than 26,000 people.<\/p>\n<p>The firm said it expects headcount to decline by 5% to 10% over the next three years, through a combination of cuts and regular attrition.<\/p>\n<p>The move is part of an effort to make the bank more efficient, as the sector moves online, boss Tim Sloan said.<\/p>\n<p>The firm is also trying to recover from a series of damaging scandals.<\/p>\n<p>The California-based bank attracted public outrage in 2016 after it emerged that sales associates had opened millions of accounts without customer permission. <\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"http:\/\/www.bbc.co.uk\/news\/business-43834511\" class=\"story-body__link\">Wells Fargo hit by record $1bn penalty<\/a><\/li>\n<li class=\"story-body__list-item\"><a href=\"http:\/\/www.bbc.co.uk\/news\/business-41113665\" class=\"story-body__link\">Wells Fargo reveals more fake accounts <\/a><\/li>\n<\/ul>\n<p>This spring, US regulators fined the company $1bn to settle claims of misconduct related to mortgage and auto loans. <\/p>\n<p>And in February, the US Federal Reserve, citing &#8220;widespread consumer abuses and other compliance breakdowns&#8221;, issued an unprecedented order that restricted the firm&#8217;s growth pending governance improvements.<\/p>\n<p>None of this has helped the firm&#8217;s financial position. <\/p>\n<p>The bank, which has seen a 10% year-on-year decline in profit in the first six months of the year, has said it plans to cut overall expenses by $3bn by 2020.<\/p>\n<p>And in August, it announced layoffs of hundreds of workers in its home loan unit.<\/p>\n<p>Mr Sloan said: &#8220;We are addressing past issues, enhancing our focus on customers, strengthening risk management and controls, simplifying our organisation, and improving the team member experience.&#8221;<\/p>\n<p>He said the firm would provide affected employees with support, and noted that the bank will remain one of the largest employers in the US even after the reduction.<\/p>\n<p>Wells Fargo, which once enjoyed a sterling reputation and ranked as the third largest bank in the US as of March, had about 264,500 employees at the end of June.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-45594144\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images The troubled US bank Wells Fargo is planning a steep reduction of staff that could affect more than 26,000 people. The firm said it expects headcount to decline by 5% to 10% over the next three years, through a combination of cuts and regular attrition. The move is part of an &hellip; <\/p>\n","protected":false},"author":0,"featured_media":2385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=2384"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/2385"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=2384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=2384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=2384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}