wells fargo online banking temporarily unavailable 2018

When questioned about the depth of cuts at the firm, a Wells Fargo spokeswoman said on Aug. Wells Fargo reported $17.8 billion in revenue in the second quarter, including $3.7 billion in revenue from its wealth and investment management business line. At the time, Wells Fargo Asset Management had $578 billion in assets under management. Wells Fargo had around 266,000 employees total as of June 30, including about 1,450 employees at Wells Fargo Asset Management, the firm's website shows. Wells Fargo Asset Management 'will continue its push to automate back office, freeze hiring, including replacements, with exceptions for critical roles, but will not be cut back hard,' the source said. The expectation in the asset management unit, however, is that cuts will not be as deep as in some business lines.

The source said the firm might achieve a significant proportion of the reductions by cutting and downsizing branches and leaning more heavily on telephone and web services. Anywhere from 25,000 to 50,000 jobs are being targeted in the workforce reduction plans, and pending cuts are expected to impact all areas of the business including Wells Fargo Asset Management, the source said.Īnother source who spoke under the condition of anonymity said Wells Fargo was targeting a workforce reduction of up to 25% of staff, or around 66,000 employees. San Francisco-based Wells Fargo began notifying employees in August in a first round of layoffs, and will be 'winding down their roles in October,' with additional rounds of cuts to continue through 2021, an anonymous source with knowledge on the matter told Pensions & Investments. According to a recruitment and compensation expert, the news of job cuts, combined with the bank's prolonged battle with reputational issues and scandals, will likely make it harder for the firm's asset management unit to recruit talent and attract new clients. 31 it has not set targets for a total number of job cuts, though a multiyear cost-cutting effort is already underway at the firm. is planning severe job cuts that could ultimately impact up to 20% to 25% of its workforce, or around 50,000 to 66,000 jobs, according to sources.Īmid rumblings of mass layoffs during a pandemic, the company said Aug.

Wells fargo online banking temporarily unavailable 2018