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Wells Fargo (NYSE:WFC) is axing 40-50 staffers in its corporate and investment bank segment as the dealmaking slump continues to weigh on financial heavyweights, according to a Tuesday media report.
Goldman Sachs (GS), Morgan Stanley (MS), Deutsche Bank (DB), JPMorgan Chase (JPM) and Truist Financial (TFC) are among some of the investment banking rivals who have been shedding jobs in recent months amid a slowdown in mergers-and-acquisitions activity.
As part of its cost-cutting effort, Wells Fargo (WFC) is shedding a number of managing director roles and more junior roles, people with knowledge of the matter told Bloomberg, noting some of the affected people have been alerted this week.
As of Sept. 30, the lender had 227,363 employees, down 5% from a year ago.