Wells Fargo is eliminating 79 jobs in San Francisco as the company seeks to cut its annual expenses by almost 20% as part of a long-term cost-cutting effort, according to California WARN filings received by the state in mid-November.
Wells (NYSE: WFC) said Tuesday that it employs 13,900 people in the nine-county Bay Area, including 7,021 in San Francisco.
Wells Fargo’s San Francisco layoffs cover a variety of roles, including senior counsel, senior managing counsel, assistant general counsel, business loan administration, investment portfolio managers and Wells Fargo Securities managers.
In the third quarter, Wells Fargo shed 1,100 workers, bringing its global workforce to 274,900.
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