Wells Fargo to Cut As Many As 26,500 Jobs Over 3 Years

Editor-in-chief of Yahoo Finance Andy Serwer and Wells Fargo CEO Tim Sloan speak on stage at the Yahoo Finance All Markets Summit in New York City, on Feb. 8, 2017. Rob Kim/Getty Images for Yahoo Finance

Banking behemoth Wells Fargo is poised to become considerably leaner by cutting between 5% and 10% of its 265,000-strong workforce.

CEO Tim Sloan said on Thursday, Sept. 20, that Wells Fargo will shed as many as 26,500 jobs, citing “changing customer preferences,” as the financial institution contends with the rise of online banking and grapples with the fallout from scandals.