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The five departments under review include human
resources, technology support, finance, communications and
marketing, an unnamed source told the Observer, adding that the
aim was to find savings that could be reinvested in areas like
cyber security, risk and compliance, among others.
The company, which announced the move internally last month,
took a similar review in 2008 after it bought Wachovia Corp, the
Observer added.
Wells Fargo could not immediately be reached for comment.
The San Francisco-based company last month reported a drop in
quarterly profit for the first time in five years as employee
costs rose while margins are under pressure from low interest
rates.
(Reporting by Amrutha Penumudi in Bengaluru)
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