Bloomberg News - Wells Fargo to remove layer of management

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Wells Fargo 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.

Bloomberg News reports that 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.

“This change will help us become even more streamlined, effective and consistent,” Mary Mack, head of community banking, said in the memo.

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Wells Fargo to Remove Layer of Management, Cutting 70 Positions

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