Wells Fargo & Co. is suspending new job cuts, joining lenders on both sides of the Atlantic that are giving workers a reprieve as they grapple with the impact of the coronavirus.
“We have paused initiating new displacements,” spokeswoman Beth Richek said Thursday in a statement. “We will continue to evaluate during this fluid situation.”
The bank joins Citigroup Inc. and Morgan Stanley in pledging to preserve jobs as the pandemic roils markets and businesses, and raises the prospect of deep losses across the industry. In Europe, HSBC Holdings, Deutsche Bank and Lloyds Banking Group are among the companies doing the same.
Wells Fargo has the largest workforce of any U.S. bank, with approximately 260,000 employees at year-end.
Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.
Futures indicate stocks will build on Tuesday's rally.
Cost of living still tops concerns about negative impacts on personal finances
Financial advisors remain vital allies even as DIY investing grows
A trade deal would mean significant cut in tariffs but 'it wont be zero'.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
