Finance
Wells Fargo Cuts About 50 Investment Bankers as Deals Slump
- Reductions come as merger slowdown stretches into second year
- Bank says cuts are small and it’s ‘fully committed’ to unit
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Wells Fargo & Co. is cutting 40 to 50 jobs in its corporate and investment bank division, according to people with knowledge of the decision, the latest major financial firm to reduce staff amid a deal drought that has dragged on for more than a year.
The bank is cutting a number of managing director positions as part of the cost reduction effort, as well as more junior roles, said the people, who asked not to be identified because the decision hasn’t been publicly disclosed. Some of those affected were alerted this week, the people said.