Wells Fargo (NYSE:WFC) announced on Monday that it was rolling out a new round of layoffs that will see at least 26,000 of its worldwide employees losing their jobs over the next three years.
The move marks a headcount reduction of at least 10% by the banking institution, marking a significant decrease in the workforce of the third-largest bank in the U.S. The announcement was made public this week but employees found out about it on Thursday as Wells Fargo CEO Tim Sloan unveiled the news.
The bank currently has about 265,000 workers in its payroll and it said that it plans on cutting jobs through both attrition and by laying off workers. It is unclear exactly where these jobs will be eliminated at Wells Fargo, as well as whether or not those who resign will be getting severance packages.
The last few years have been rough for the San Francisco-based bank as back in 2015, the company admitted that a large group of employees opened millions of fake bank accounts for customers so it could meet the insanely high and unrealistic sales goals issued out by its executives. Wells Fargo has admitted to other improprieties over the last few years, which include selling auto insurance to borrowers who did not need the insurance.
WFC stock was sliding about 1.1% on Monday following the news.