Wells Fargo Resumes Job Cuts in Break With Top U.S. Competitors
- Reductions mark start of what may be tens of thousands of cuts
- Bank had planned to begin cuts this year before virus struck
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Wells Fargo & Co. has started its long-awaited job cuts, breaking with some of its top U.S. competitors that have resisted workforce reductions amid the coronavirus pandemic.
The San Francisco-based lender, under growing pressure to lower costs, quietly ended a moratorium on terminations in recent weeks as it prepares to make deeper cuts in the months and years ahead.