Some of the executives positions will retire with full benefits
while others may find positions elsewhere within the bank, said
Wells Fargo spokesman Paul Gomez.
Some of the executives may leave the bank, Gomez added.
"We have just completed the process of consolidating the
Regional President and Area President roles into a new position,
Region Bank President," Mary Mack, senior executive vice
president for community banking, said in an internal memo seen
The unit will have 91 regional and area presidents as part of
News of the scandal-hit lender cutting senior executive jobs was
earlier reported by Bloomberg. https://bloom.bg/2v59m5h
Wells Fargo has been engulfed in scandal since September, when
it reached a $190 million settlement with regulators over
complaints that its retail banking staff had opened as many as
2.1 million unauthorized client accounts.
Wells Fargo shares ended down 2.6 percent on Friday.
(Reporting by Akankshita Mukhopadhyay in Bengaluru and Dan Freed
in New York; Editing by Kim Coghill)
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