Wells Fargo cuts jobs as the pandemic and penalties for past scandals take their toll

Wells Fargo is resuming layoffs, as the beleaguered bank looks to cut costs to cope with the coronavirus pandemic and long-running regulatory issues that have hampered its growth.

While Wells Fargo pressed pause on job cuts in March amid the COVID-19 pandemic, Bloomberg reports today that the lender proceeded with layoffs earlier this month. The staff reductions are part of a larger cost-cutting initiative, meant to deal not only with the economic impact of the pandemic but with costly regulatory penalties associated with a series of high-profile scandals.

The cuts reportedly could cost thousands of people their jobs. Initial layoffs will affect many employees that the San Francisco–based banking giant had already planned to lay off earlier this year.

“We expect to reduce the size of our workforce through a combination of attrition, the elimination of open roles, and job displacements,” a Wells Fargo spokesperson told Bloomberg. Company executives have … Read More

U.S. closes lanes, adds checks at Mexico border to contain coronavirus By Reuters

By Julio-Cesar Chavez and Ted Hesson

WASHINGTON (Reuters) – The United States on Friday closed lanes at select ports of entry at the border with Mexico and will conduct more secondary checks to limit non-essential travel and the spread of coronavirus, a U.S. Customs and Border Protection official said.

Non-essential travel has been restricted at the border since March, but the restrictions have mostly been applied to Mexican citizens. The new measures appeared to be aimed at U.S. citizens and legal residents living in Mexico.

U.S. President Donald Trump, who faces re-election Nov. 3, has taken a series of sweeping steps to scale back immigration during the coronavirus pandemic, including emergency border rules that allow U.S authorities to rapidly deport migrants arrested at the border, bypassing standard legal processes.

The United States leads the world with more than 174,000 confirmed deaths from the coronavirus, followed by Brazil with 112,000 and

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