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Wells Fargo to remove layer of management, cutting 70 positions

Wells Fargo is removing a layer of management, consolidating its regional and area president roles into a new one called region bank president, according to an internal memo.

The change will result in the elimination of 70 jobs, Bridget Braxton, a Wells Fargo spokeswoman, said Thursday. Each region bank president will supervise six to eight district managers, according to the memo.

“This change will help us become even more streamlined, effective and consistent,” Mary Mack, head of community banking, said in the memo.

Wells Fargo executives have been dealing with the fallout from revelations last year that community bank employees may have opened millions of fake deposit and credit card accounts to help reach sales goals. The lender has said it will double its cost-cutting program to $4 billion as it seeks to maintain profitability targets.

Earlier this week, the San Francisco-based lender shuffled some of its top wholesale banking managers, naming new co-heads of its securities unit and expanding the number of geographic regions in its business banking group.

The Charlotte Observer reported on the community bank job cuts earlier Thursday.

Bloomberg News