Wells Fargo has already gone through multiple smaller layoffs in recent months, but its CFO is expecting more workforce reductions as the banking industry grapples with corporate real estate lending
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Wells Fargo could see its headcount decline further as it aims to improve efficiency, Chief Financial Officer Mike Santomassimo said on Tuesday. It has already reduced its employee base by nearly 40,000 and cuts are likely to continue, Santomassimo said. The bank has trimmed its mortgage business, which has also seen some layoffs.
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