There you go, info on Agricultural Bankers Layoffs
- Wells Fargo has laid off more than 200 bankers in its U.S. lending divisions in recent months, as the bank reacted to business trends and restructured some units, sources familiar with the matter said this week.
- Many of the agriculture cuts were concentrated in rural areas, one source told Reuters, including North Dakota and South Dakota where staff was cut in half.
- Wells Fargo has been working to centralize operations to improve risk controls since 2016, when a wide-ranging sales practices scandal erupted and placed the bank under a regulatory microscope.
Wells Fargo has laid off more than 200 bankers in its U.S. lending divisions in recent months, as the bank reacted to business trends and restructured some units, sources familiar with the matter said this week.
Most of the cuts were in Wells Fargo’s commercial bank and many impacted its team that gives loans to farmers. The bank has also made cuts to its energy lending group. Energy and agriculture are two portfolios in which the company is traditionally strong.
The fourth-largest U.S. lender by assets cut the unit that specializes in agricultural lending by at least 25%, according to four sources with direct knowledge of the matter.