Wells Fargo plans to cut more real estate and staff, CFO says

CHARLOTTE — Wells Fargo & Co. sees more opportunity to trim expenses by unloading more real estate and cutting additional employees, Chief Financial Officer Mike Santomassimo told investors.

“We continue to believe we’ve got a lot more to do to make the company as efficient as it should be,” Santomassimo told those attending the Barclays Global Financial Services Conference this week. He noted that Wells Fargo has cut almost 40,000 jobs over the last couple of years, lowering headcount every quarter since mid-2020.

“I’m not suggesting it’s going to be down every quarter forever, but I do think that there’s more to do and you’ll see that through the headcount number,” Santomassimo said. He added that Wells saw a “noticeable change” in attrition rates starting last fall, spurring the bank to turn to layoffs and severance packages more often to trim staff.

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VIDEO: Wells Fargo announcing $500 million worth of improvements in Charlotte area

Wells Fargo announcing $500 million worth of improvements in Charlotte area

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