Wells Fargo To Cut Up to 26,500 Jobs

[james.hendrickson]

Wells Fargo, besieged by federal probes of its business practices, says it's cutting as many as 26,500 jobs, or up to 10% of its workforce, in the next three years. The bank cited customers' adoption of digital self-service capabilities for the planned cuts. Wells has been under multiple investigations since 2016 for opening millions of fake customer accounts, as well as for sales practices in its auto lending, mortgage and wealth management units. •

Source: LinkedIn News.

[Smallsteps]

I am not surprised as many people use online for almost everything that people use to go into a bank for.

The competition is starting to heat up as well for traditional banks. Many in my area are offering money/ special rates to try to attract people to change banks. I opened a second set of accounts at local CU just 2 months ago and after the 90 day period passes I will get $100 and my son who referred me gets$100 and they paid 6% interest for those 3 months. Now on radio today heard of another local bank offering up to $300 to open and maintain an account.

The problems Wells Fargo had are not ones that people will forget and will continue to plague them for a long time.
The commercials they have out now may have seemed like a good idea but after seeing them a few times I realize they just keep reminding me of the BAD things they did.