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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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More Reason to Hate Wells Fargo - Bank Will Be Axing Up to 26,000 Jobs
In keeping with its 'ongoing transformation', Wells Fargo announced plans to significantly reduce its employee headcount - by as many as 26,500 jobs. The reduction would be accomplished through displacements and team member attrition.
According to CEO Tim Sloan, the bank seeks to deliver what customers want in "a more streamlined and efficient manner," which includes "adoption of digital self-service capabilities."
While the spate of scandals has added pressure on the bank's current CEO, Wells Fargo Chair Betsy Duke professes that Tim Sloan "has the unanimous support of the board, and this support has never wavered." That said, a rumor has circulated that former Goldman Sachs President Gary Cohn is a potential replacement for Sloan.
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