Wells Fargo Is Said to Cut Dozens of Workers From Markets Unit
Wells Fargo Is Said to Cut Dozens of Workers From Markets Unit
(Bloomberg) -- Wells Fargo & Co. is dismissing several dozen employees from its markets division after a review of the business, a person familiar with the matter said.
The cuts, which affect both senior and junior level bankers, are hitting businesses including credit sales and trading, the person said, asking not to be identified because the moves weren’t publicly announced.
Cost-cutting measures are also behind a plan to further combine the operations of Wells Fargo’s corporate and investment banks, the Wall Street Journal reported Thursday, citing people familiar with the matter. Those efforts could result in more staff reductions, the newspaper said.
Jessica Ong, a Wells Fargo spokeswoman, declined to comment.
Wells Fargo is still struggling to recover from a scandal involving bogus accounts that rocked the consumer bank in September 2016. Those problems may have bled into the wealth-management division, where clients were sometimes steered into investments that maximized revenue for the bank without always being in the best interest of the client, according to several people familiar with the unit and documents reviewed by Bloomberg.
To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net.
To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net, Steve Dickson, Dan Reichl
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