10/7/2020, 1:31 PM (Source: TeleTrader)
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Wells Fargo cuts 700 jobs in commercial banking - report

Wells Fargo & Co. plans to slash over 700 jobs in its commercial banking sector, FBS' Chief Market Strategist Nour E. Al-Hammoury reported on Wednesday.

The financial service provider recorded underperforming financial results during the summer, prompting the reduction of spending on consultants. Shortly after, Berkshire Hathaway's stake in the American bank went down by 26.5%.

However, the company's shares gained 1.16% to sell for $24.46 in the premarket trading following the report.

Breaking the News / ND