Big new wave of layoffs coming to major bank

(WLT REPORT) – Senior executives at Wells Fargo are expecting even more layoffs to impact the company soon.

The banking giant has slashed 40,000 jobs since 2020 and things are only expected to get worse as the fallout from the commercial real estate sector continues to affect banks and lenders. Additionally, a banking crisis affecting the broader industry is placing additional pressure on Wells Fargo.

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Don Johnson explained: “Wells Fargo CFO confirms more layoffs ahead – so total headcount has been reduced by ~40,000 in last 2 years.”