LOS ANGELES - Wells Fargo & Co. said that it is laying off fewer people than expected as part of the reorganization of its branch network announced earlier this summer.

The company has closed 10 retail branches, leaving it with 616, and given notice to 424 employees. When Wells announced the plan in June, it estimated that some 700 positions would be eliminated over the following 12 months.

"Obviously, it came in lower than we anticipated," a company spokeswoman said.

The layoffs represent about 5% of the 8,300 employees in Wells retail network. Wells, which has $14.4 billion of assets, employs about 30,000 people throughout its operations.

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.