(Reuters) – Wells Fargo has let go of less than 50 bankers from its corporate and investment banking unit as part of year-end pruning, a source familiar with the matter said on Tuesday.
Top U.S. banks have flagged even more potential layoffs to save costs, especially if the economy remains under pressure from high interest rates and geopolitical tensions, threatening to derail a budding rebound in investment banking.
“Like all well-managed organizations, we regularly review and evaluate the needs of our clients and the markets we serve in order to ensure we align our resources accordingly,” Wells Fargo said in a statement to Reuters.
“These departures represent a small number, and we remain fully committed to our Corporate & Investment Banking business.”
Bloomberg News had reported the development earlier.
(Reporting by Pritam Biswas in Bengaluru and Saeed Azhar in New York; Editing by Devika Syamnath)
