Wells Fargo, One of Iowa’s Biggest Employers, Plans to Cut 10% of Workforce
Wells Fargo plans to cut as many as 26,500 jobs over three years as the troubled bank grapples with the rise of online banking and soaring legal bills. CEO Tim Sloan said on Thursday that Wells Fargo plans to cut 5% to 10% of its 265,000-person workforce. He cited "changing customer preferences," including the wide adoption of digital banking.