Wells Fargo (WFC) – Get Report reportedly has cut more than 700 commercial-banking jobs and the bank ultimately could reduce tens of thousands positions.
Shares of the San Francisco-based financial services company were up 2.77% to $24.84 in trading Wednesday.
The terminations affected positions across the division, Bloomberg reported, citing people with knowledge of the situation.
The unit offers a variety of services to businesses that typically have more than $5 million in annual sales.
Wells Fargo said in a statement that “we are at the beginning of a multiyear effort to build a stronger, more efficient company for our customers, employees, communities, and shareholders.”
“The work will consist of a broad range of actions, including workforce reductions, to bring our expenses more in line with our peers and create a company that is more nimble, streamlined, and customer-focused,” the bank said. “We expect to reduce the size