Wells Fargo & Co’s (WFC) new head of retail banking Mary Mack announced plans to cut about 70 senior executive jobs as the bank attempts to recover from its 2016 fake accounts scandal, Bloomberg reported.
Wells Fargo will reduce the number of regional and area presidents to 91 from 160. The executives whose jobs are being eliminated will keep working for 60 days until further steps are ironed out, with some retiring with benefits and some moving to other positions.
