Report: Wells Fargo layoffs could be in tens of thousands

CHARLOTTE — Layoffs at Wells Fargo & Co. could be in the tens of thousands, according to a Bloomberg Law report, citing people familiar with the matter.

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Job cuts will start this year, as Wells Fargo executives are under increasing pressure to cut costs. The San Francisco-based bank employs about 263,000 people, including 27,500 in the Charlotte region, its largest employment hub. It’s grown its Charlotte footprint by several thousand employees in the past decade.