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Wells Fargo to Cut 3,800 Jobs as It Restructures Unit

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Wells Fargo Cuts 3,800 Jobs
John Stumpf, chief executive officer of Wells Fargo & Co. Photographer: Brendan Smialowski/Bloomberg

July 7 (Bloomberg) -- Wells Fargo & Co. said it’s cutting 3,800 jobs as part of the restructuring of its Wells Fargo Financial division.

About 2,800 jobs will be cut in the next 60 days and 1,000 likely to be eliminated over the next 12 months. Wells Fargo Financial employs about 14,000.

The unit is closing 638 Wells Fargo Financial stores in the U.S. and exiting the origination of non-prime portfolio mortgage loans.

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To contact the editor responsible for this story: Bill Koenig at wkoenig@bloomberg.net

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