Wells Fargo is looking to integrate its corporate and investment banks, according to a Wall Street Journal article, which cited sources familiar with the matter.
The move to combine the two entities comes as the bank looks to reduce costs and better serve its customers, the article said.
This move could result in layoffs for some industry coverage groups, advisory teams, equity and debt capital markets origination and certain corporate-banking relationship managers, according to the article.
San Francisco-based Wells Fargo, one of the country’s largest banks in terms of assets ($1.95 trillion), has had a series of unflattering events over the past year, including the scandal over nearly 1.4 million fraudulent accounts.
Wells Fargo has not responded to Bank Innovation’s requests for comment on the matter.1 - Reader Likes This Post