More layoffs, branch closings ahead for Wells Fargo, CEO says

CHARLOTTE — Wells Fargo & Co. has shed almost 50,000 workers under a major cost-cutting effort, but the bank’s leadership says there are more job losses ahead.

The San Francisco-based bank has also shed 6% of its branches from a year ago.

“This company is not efficient — like, period. End of story,” CEO Charlie Scharf said on the company’s Oct. 13 earnings call. “Even with all of the reductions that we’ve made, it’s not surprising because as you peel the onion back, other things present themselves.

“When we sit around as a management team, we feel great about the progress and there’s no clearer way to see that than in the headcount numbers, which ultimately drive the expense of the company,” Scharf said.

The company’s job cuts are part of a $10 billion expense-reduction effort that began about three years ago.