Wells Fargo is cutting about 200 jobs in the bank’s consumer banking business payroll services. The latest development comes after the bank announced that will outsource its consumer banking business payroll services to HR and payroll company, ADP. These layoffs will be in its Bloomington office.
Cutting at the troubled bank beginning last May and will be completed by the first quarter of 2020. The laid-off employees will be granted severance and permit to be on the bank’s health plan temporarily. The bank aims to control costs through consolidating its operations, processes’ improvement through technology and mechanization, as well as the outsourcing of certain operations.