Wells Fargo CFO Anticipates Further Layoffs and Real Estate Sales

Wells Fargo's Chief Financial Officer, Mike Santomassimo, has indicated that the bank anticipates further layoffs and real estate sales. This move continues a significant trend of staff reductions under CEO Charlie Scharf, who took office in October 2019. Since then, approximately 70,000 employees have been laid off as part of ongoing restructuring efforts. The bank has consistently implemented staff reductions every quarter for over five years. These continuous measures underscore Wells Fargo's sustained focus on cost-cutting and operational efficiency.