Wells Fargo to reduce headcount by 5-10 percent in next 3 years

Wells Fargo & Co said on Thursday it would reduce its headcount by about 5 percent to 10 percent within the next three years.

The reduction will reflect displacements as well as normal team-member attrition over that period, the fourth-largest U.S. bank said.

The company had a total of 264,500 employees as of June 30.

Wells Fargo, smarting from a prolonged sales scandal in its retail banking business, has been a subject of a number of regulatory probes.

"We are addressing past issues, enhancing our focus on customers, strengthening risk management and controls, simplifying our organization ... all in the spirit of building a better Wells Fargo for our customers," Chief Executive Officer Tim Sloan said in a statement.

Sloan also said the company was working to leverage digital automation and divest non-core businesses.

Last week, the bank said it expected to reduce total expenses by about $3 billion by 2020.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)