Spokesperson Peter Gilchrist has said in an emailed statement that the workforce reduction will occur across divisions and is not restricted to a single line of business. In September, at an investor conference, Wells Fargo & Company 's ( WFC - Free Report ) chief financial officer, Mike Santomassimo, noted that the company was eyeing opportunities to cut down expenses by reducing its real estate footprint and headcount. Santomassimo stated, "We continue to believe we've got a lot more to do to make the company as efficient as it should be." Since third-quarter 2020, WFC has cut almost 40,000 jobs. Santomassimo added, "We had too much real estate before Covid, and so we've been methodically working through that portfolio over the last few years."