Wells Fargo is cutting jobs in its securities division, according to the Charlotte Observer.

The company plans to eliminate an unknown number of positions, the Observer reported, citing unnamed sources. Positions that have been cut include high-paying job titles such as managing director.

A spokeswoman for Wells Fargo, Elise Wilkinson, declined to comment on the report.

"As part of the normal course of business, we periodically adjust our staffing levels," Wilkinson said in an emailed statement. "We remain fully committed to growing our investment banking business. Staffing levels were up across the Wells Fargo Securities business in 2015 and we expect continued growth in 2016."

Separately, Wells Fargo said Wednesday that it will cut 581 jobs in its mortgage operations nationwide, the Observer reported. Jobs to be cut included positions in Charlotte and in Fort Mill, S.C.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.

Corrected February 4, 2016 at 5:54PM: An earlier version of this story misparaphrased a passage from the Charlotte Observer article. The passage noted that Bank of America had shifted much of its investment banking activity from Charlotte to New York. The largest part of Wells Fargo's securities division remains in Charlotte.