Wells Fargo announces it will cut 10 percent of its workforce

The bank has seen its reputation tank in recent years.
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Wells Fargo, one of Minnesota's largest employers and one of the nation's largest banks, has announced it will be cutting its workforce by up to 10 percent.

The 5-10 percent reduction in its workforce will be carried out over the next three years, as part of the retail bank's wider transformation.

In a statement on Thursday, CEO Tim Sloan said the bank was reacting to changing customer needs, which includes introducing more self-service banking options.

The cuts will be a mixture of firings and natural attrition as workers leave and aren't replaced.

Minnesota workers are likely to be affected. Wells Fargo ranks as the state's 9th biggest private employer, with 20,000 employees according to Minnesota DEED statistics.

“We are continuing to transform Wells Fargo to deliver what customers want – including innovative, customer-friendly products and services – and evolving our business model to meet those needs in a more streamlined and efficient manner,” said Sloan.

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The company has seen its reputation tank, ever since thousands of workers were fired for creating phony accounts on behalf of customers without their permission.

It's since embarked on an expensive PR campaign that states the bank has been "Re-established" in 2018, as it tries to "earn back your trust."

The pending job cuts have already been criticized by prominent Democratic Senator Elizabeth Warren, who accused Sloan of contradicting his previous remarks on the issue.

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