Wells Fargo Joins U.S., European Lenders in Suspending Job Cuts
Wells Fargo Joins U.S., European Lenders in Suspending Job Cuts
(Bloomberg) -- Wells Fargo & Co. is suspending new job cuts, joining banks on both sides of the Atlantic giving workers a reprieve as they grapple with the impact of the coronavirus.
“We have paused initiating new displacements,” spokeswoman Beth Richek said Thursday in a statement. “We will continue to evaluate during this fluid situation.”
The San Francisco-based firm joins Citigroup Inc. and Morgan Stanley in pledging to preserve jobs as the pandemic roils markets and businesses, and raises the prospect of deep losses across the industry. In Europe, HSBC Holdings Plc, Deutsche Bank AG and Lloyds Banking Group Plc are among firms doing the same.
Wells Fargo has the largest workforce of any U.S. bank, with approximately 260,000 employees at year-end.
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