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Wells Fargo Resumes Job Cuts in Break With Top U.S. Competitors

Aug. 21, 2020, 12:28 PM

Wells Fargo & Co. has started its long-awaited job cuts, breaking with some of its top U.S. competitors that have resisted workforce reductions amid the coronavirus pandemic.

The San Francisco-based lender, under growing pressure to lower costs, quietly ended a moratorium on terminations in recent weeks as it prepares to make deeper cuts in the months and years ahead.

“Starting in early August, we resumed regular job displacement activity,” Beth Richek, a spokesperson for the bank, said in a statement without providing figures. Executives expect to embark on more significant steps later this year that may ultimately eliminate tens of ...