(USA TODAY) -- Wells Fargo plans to cut its workforce by 5 percent to 10 percent within the next three years as the embattled U.S. bank executes cost-saving efforts and copes with customers switching to digital self-service options.
The decline would involve job displacements as well as normal attrition, CEO Tim Sloan told Wells Fargo employees Thursday in a companywide town hall meeting.
The San Francisco-based bank has roughly 265,000 team members, according to company records. Given the estimated personnel headcount, the projected downsizing plan theoretically could affect as many as 26,500 Wells Fargo positions under a 10 percent reduction.
Bank officials did not immediately respond to an email about the number of positions that could be affected. However, Sloan told company employees that the bank would be transparent with them as Wells Fargo carries out the downsizing.
"Wells Fargo takes very seriously any change that involves its team members, and as always, we will be thoughtful and transparent and treat team members with respect," Sloan said in a statement issued by the bank. "We have robust programs to make impacted team members aware of other job opportunities within Wells Fargo and provide support as they transition to the next phase of their careers. And even as we become more efficient, Wells Fargo will remain one of the largest employers in the United States."
The downsizing plan comes as Wells Fargo tries to regain the confidence of customers and investors following a scandal over millions of accounts opened without authorization from customers and a series of other regulatory issues.
