WFC - Wells Fargo CFO sees more job cuts ahead as bank improves efficiency - report
2023-09-13 05:53:48 ET
Wells Fargo ( NYSE: WFC ) CFO Mike Santomassimo said the bank could implement more layoffs to improve efficiency, Reuters reported.
The lender has been trimming its workforce since Q3 2020 and has already reducing its headcount by nearly 40K.
"I do think that there's more to do, and you'll see that through the headcount number," Santomassimo told Reuters.
Wells Fargo ( WFC ) had cut hundreds of jobs in its mortgage unit late last year as higher interest rates squelched demand for new mortgages and refinancing.
At the end of Q2, Wells Fargo ( WFC ) had 233.8K employees, compared to 243.7K in the year-ago quarter.
Banks have also been facing pressure from exposure to commercial real estate, particularly in office loans. Santomassimo said Wells Fargo's ( WFC ) other portfolios have been performing well, downplaying the pressure in its commercial real estate portfolio.
Santomassimo's statements follow similar moves by other banks, with Barclays ( BCS ) planning hundreds of job cuts and Goldman Sachs ( GS ) set to fire underperformers .
More on Wells Fargo
- Seeking Alpha's Quant Rating on Wells Fargo
- Wells Fargo Looks Set For Further Outperformance
- Warren Buffett Messed Up With Wells Fargo
- Wells Fargo to pay $35M penalty to settle with SEC over advisory fees
For further details see:
Wells Fargo CFO sees more job cuts ahead as bank improves efficiency - report