Wells Fargo is reportedly preparing to cut thousands of jobs, with the hatchet job expected to begin before the end of the year. The Motley Fool reports “people with knowledge” as claiming that the cull will run into the tens of thousands. The bank is the country’s largest in terms of employee size, with 263,000 people on its books. But that’s a dubious honor, and was so even before the coronavirus began to destroy the economy. In 2018, the company was asset capped by the Federal Reserve at $1.95 trillion as a punishment for numerous scandals over customer accounts. That meant it wouldn’t be able to grow at nearly the rate it planned. In era of pandemic, the bank is floundering, as is much of the rest of the banking sector. Numbers for several United States banks are expected out this week, and news reports warn a bloodbath could be unleashed.
