Wells Fargo is preparing to cut thousands of jobs beginning this year, according to a new report (WFC)

• Wells Fargo is preparing to cut thousands of jobs, Bloomberg Law reported Thursday.
• The bank has been rocked by regulatory fines and the broader coronavirus-driven economic downturn. 
• Shares of the bank fell in trading Thursday following the report.
• Visit Business Insider's homepage for more stories.

Wells Fargo is preparing to cut thousands of jobs starting later this year, Bloomberg Law reported on Thursday, citing people familiar with the matter.

The company's plans will eventually result in eliminating tens of thousands of positions due to pressure to "dramatically reduce costs," the report said.See the rest of the story at Business Insider

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