CNN Money reports that CEO Tim Sloan said on Thursday that the bank plans to cut 5% to 10% of its 265,000-person workforce, reflecting both layoffs and attrition.
The chief cited “changing customer preferences,” including the wide adoption of digital banking.
“Wells Fargo takes very seriously any change that involves its team members, and as always, we will be thoughtful and transparent, and treat team members with respect,” Sloan said.
