The lender said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic.
It is also continuing to work through expensive regulatory and operational problems tied to a long-running sales scandal.
Layoffs, branch closures and cuts to third-party spending are on the table, says the bank’s executives.
“We expect to reduce the size of our workforce through a combination of attrition, the elimination of open roles, and job displacements,” a spokeswoman tells Reuters.
