Wells Fargo & Co. is cutting 1,000 employees in its Consumer Lending and Payments, Virtual Solutions and Innovations groups.
"We are committed to retaining as many team members as possible and will do everything we can to help them identify other opportunities within Wells Fargo," Tom Goyda, a company spokesman said, in a statement. The bank is trying to reduce costs by $4 billion by 2020. Yahoo Finance reports about 900 of the layoffs are in the bank's home lending unit. The cuts will be across the US but will mostly be in Des Moines, Iowa, which is expected to have about 400 reductions, and Fort Mill, South Carolina, which is expected to have 111 cuts.