Wells Fargo & Co. is dismissing several dozen employees from its markets division after a review of the business, a person familiar with the matter said.
The cuts, which affect both senior and junior level bankers, are hitting businesses including credit sales and trading, the person said, asking not to be identified because the moves weren’t publicly announced.
Cost-cutting measures are also behind a plan to further combine the operations of Wells Fargo’s corporate and investment banks, the Wall Street Journal reported, citing people familiar with the matter. Those efforts could result in more staff reductions, the newspaper said.
Jessica Ong, a Wells Fargo spokeswoman, declined to comment.