The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
13,250 - 26,500 jobs Number of planned job losses
Announcement Date
20 September 2018
Employment effect (start)
20 September 2018
Foreseen end date
30 September 2021
Description
The US bank Wells Fargo has announced a worldwide reorganisation that will lead to reduce its worforce by about 5-10% within the next three years. The company employs 265,000 people. The job reduction could affect between 13,250 and 26,500 employees. According to the management, the job cuts would be achieved through internal reorganisation as well as regular team member turnover. The total workforce reduction includes 754 employees dismissed from its mortgage lending division last month from the auto lending and payments and virtual solutions teams. The bank, as the industry in undergoing digitalisation, needs to increase its efficiency and to respond to changing customer behaviour.
Sources
Citation
Eurofound (2018), Wells Fargo, Internal restructuring in World, factsheet number 95508, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/95508.
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