It has been reported that Wells Fargo is planning a massive layoff. Cutting up to 25% of its workforce, starting as soon as this coming Tuesday. Price of Wells Fargo shares have also hit lows not seen since 2009. The upcoming structuring might be what Wells Fargo needs in order to bounce back from its current lows.
Although Wells Fargo is probably one of the worst managed banks, other banks are also in similar situations. It is rumored that Bank of America is intentionally holding off their mass layoff until 2021.
Sources:
investorplace.com/2020/10/wells-fargo-layoffs-what-to-know/
finance.yahoo.com/news/wells-fargo-shares-plunge-investors-210538894.html?
h/t All_the_miles753
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