Layoffs

Wells Fargo has started its long-awaited job cuts, breaking with some of its top U.S. competitors that have resisted workforce reductions amid the coronavirus pandemic.

The Massachusetts company, which converted from a credit union to a bank in 2013, is laying off more than 40 employees with a focus on people working in its retail banking operations.

The Massachusetts company is laying off more than 40 employees with a focus on people working in its retail banking operations.

The Warsaw, N.Y., bank said it will close 10% of its branches and lay off 6% of its staff in response to customers’ growing preference for remote banking.

The bank joins rivals such as Deutsche Bank AG and UniCredit SpA in forging ahead with job cuts that were put on hold at the outset of the pandemic.

New Peoples Bankshares said the layoffs were necessary because of the coronavirus pandemic and "a changing financial services industry."

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