Wells Fargo to Remove 70 American Jobs to Profit Shareholders

Wells Fargo to Remove Layer of Management, Cutting 70 Positions

Wells Fargo & Co. is removing a layer of management, consolidating its regional and area president roles into a new one called region bank president, according to an internal memo.

The change will result in the elimination of 70 jobs, Bridget Braxton, a Wells Fargo spokeswoman, said Thursday in a telephone interview. Each region bank president will supervise six to eight district managers, according to the memo.

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