Wells Fargo & Co. warned that as many as 26,500 layoffs are ahead as it improves its operations, pays more attention to its customers and gets past recent scandals.

The San Francisco-based bank-holding company reported in its second-quarter results that its company-wide staff was 264,500 as of mid-year 2018.

But that number will be reduced as Wells Fargo continues its transformation from a tainted financial institution that is still overcoming numerous scandals.

Source: Mortgage Daily