Wells Fargo moves jobs abroad after US layoffs, government says

Wells Fargo did not immediately respond to a request for comment.

Wells Fargo, the largest bank employer in the United States with roughly 262,000 workers, said on Sept. 20 it would reduce its total headcount by up to 26,0000. Last month the bank handed out roughly 1,000 60-day notices to employees across the United States, and over the summer it laid off 600 employees in its mortgage division.

The reductions are intended to help the bank reach its goal of reducing costs by $4 billion by 2020 as it tries to increase profit and recover from a series of sales-practice scandals while operating under the Federal Reserve’s asset cap.

Aside from headcount cuts, Wells Fargo has pledged to lower costs and become more efficient by reducing its branch count by about 800 by 2020 and by selling noncore businesses.