US bank Wells Fargo has announced plans to cut as many as 26,500 jobs over the next three years.
Boss Tim Sloan said on Thursday that the group, which employs 265,000 people, will reduce the workforce by between five and ten percent.
“We are addressing past issues, enhancing our focus on customers, strengthening risk management and controls, simplifying our organisation, and improving the team member experience,” said Sloan.
“This work includes strengthening risk management, simplifying operations, leveraging digital automation, divesting noncore businesses, and continuing to become a more efficient company,” he added.
The California-based bank is attempting to recover from previous scandals, including in 2016 when it emerged that sales associates were opening millions of accounts without customer permission.
The lender was fined a record $1 billion by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency.
Wells Fargo hopes to cut overall expenses by $3 billion by 2020 as it has seen a 10 percent year-on-year decline in profit in the first six months of 2018.
On Thursday, shares in the group (NYSE: WFC) closed up 0.6 percent at $55.55.