Wells Fargo & Company is set to slash jobs by about 5 percent to 10 percent within the next three years .
The fourth largest bank in the U.S. said that the latest employee retrenchment plan - which could total up to 26,450 job cuts - includes displacements as well as normal team-member attrition. The job cuts are seen as part of Wells Fargo’s goal to lower costs by $4 billion by 2020.
Wells Fargo will also reduce its branch count by about 800 by 2020 and sell non-core businesses. The bank laid off 600 employees in its mortgage division last month. The bank has indicated that its job cuts are influenced by shifts in consumer preferences (such as customers’ increasing use of self-service technology).