The biggest of the big four U.S. banks in terms of employee count might soon lose its leading position. According to a report from Bloomberg Law, Wells Fargo (NYSE: WFC) is gearing up to cut "thousands" of jobs starting in the next few months.
The lender has been devising ways to cut costs. Citing "people with knowledge" of such discussions within the company, the article said that the cuts could total tens of thousands of workers.
According to its recent official statistics, Wells Fargo employs around 263,000 individuals, topping the over 250,000 of big four rival JPMorgan Chase, Bank of America's nearly 172,000, and the more than 204,000 laboring at Citigroup.