(Reuters) – Wells Fargo & Co <WFC.N> has started to cut jobs at its commercial banking unit as part of larger reductions that will impact nearly all of its functions and business lines, a company spokeswoman said on Wednesday.
The bank resumed job cuts in early August after it paused layoffs in March because of the COVID-19 pandemic.
Wells Fargo said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.
“We are at the beginning of a multiyear effort to build a stronger, more efficient company for our customers, employees, communities, and shareholders,” a spokeswoman said via email on Wednesday.
“The work will consist of a broad range of actions, including workforce reductions, to bring our expenses more in line