REUTERS: Wells Fargo & Co has laid off more than 200 bankers in its U.S. lending divisions in recent months, as the bank reacted to business trends and restructured some units, sources familiar with the matter said this week.
Over the summer, 22 bankers were axed from its energy team, according to two other sources. The cuts represented about 7 per cent of the energy group, a spokeswoman said. With fewer bankers on hand in local markets, some small companies and family farmers will likely need to find a new lender, said three sources familiar with the businesses.
Wells Fargo has also been traditionally regarded as one of the most active lenders to the U.S. oil and gas sector. But its energy team was still recovering from hefty losses it booked in 2016, when crude prices plunged to US$26 a barrel and forced a number of bankruptcies in the sector.