Wells Fargo Is Weighing Changes to Wealth Unit While it Cuts Costs
“Our wealth and investment-management group is reimagining our business to become more efficient,” spokeswoman Shea Leordeanu said in an emailed statement. The San Francisco-based lender may trim about 1,000 jobs through attrition and cut 100 regional managers, the Wall Street Journal reported late Monday citing sources it didn’t identify. Wealth-management head Jon Weiss said at the firm’s investor day last month that the unit is targeting around $600 million in savings by 2020.