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Wells Fargo Cuts More Than 700 Jobs in Commercial Banking

  • Staff reductions at bank could number in the tens of thousands
  • Lender is at the start of a multiyear cost-cutting effort
Photographer: Craig Warga/Bloomberg
Updated on

Wells Fargo & Co. cut more than 700 commercial-banking jobs as it embarks on workforce reductions that could ultimately number in the tens of thousands, according to people with knowledge of the matter.

The terminations affected positions across the division, the people said, asking not to be identified discussing details of internal decisions. The unit offers a variety of services to businesses that typically have more than $5 million in annual sales. Katie Ellis, a company spokeswoman, confirmed that at least some reductions have occurred.