AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)

Wells Fargo announced plans to cut five to 10 percent of its workforce, a move that would affect up to 26,500 jobs based on current headcount. The bank, which has struggled to regain its footing following a series of scandals, said the job cuts and attrition would make the company more efficient at a time when more customers are banking on digital platforms.
"We are continuing to transform Wells Fargo to deliver what customers want" which includes "evolving our business model to meet those needs in a more streamlined and efficient manner," Sloan said on Thursday. He said the bank will support laid off workers including pointing them towards other posts within Wells Fargo.
Large banks have been closing branches amid the increasing shift to online banking. In July, Wells Fargo, which is a major player in mortgages in the US where most of its business is based, said it planned to close 300 offices in 2018, in addition to divestitures of 52 branches in four Midwestern states.
In the second quarter, the bank experienced a five percent drop in teller and ATM transactions, while digital sessions increased 17 percent from the year-ago period, executives said in July.
Wells Fargo also has been stymied by a series of scandals, especially revelations in 2016 that the company opened millions of phony deposit accounts and lines of credit without clients' knowledge as part of high-pressure retail sales tactics.
Since that scandal, the bank has replaced its chief executive, revamped its payment incentive system and added staff to oversee governance. However, some of these measures have added to costs, denting Wells Fargo profit margins compared with other large banks. The bank reported a drop in overall loans and deposits in the second quarter.

Copyright Agence France-Presse, 2018

Comments

Comments are closed.