Wells Fargo is cutting jobs.
The company declined to say how many people would be affected. Spokesperson Josh Dunn told CNNMoney that Wells Fargo employs about 24,500 people in the Charlotte area.
Dunn said in a statement that cutting jobs is part of the company’s ongoing efforts to “become more efficient and effective” and “reduce expenses.”
“Wells Fargo is committed to retaining as many of its team members as it can and, where possible, will work to identify other internal opportunities or support displaced team members as they transition outside the company,” the statement says.
Wells Fargo did not indicate the layoffs were in any way linked to a series of crises that have plagued the company in recent months.
Most notably, the company continues to suffer the fallout of a massive fake account scandal that first came to light last year. Recent estimates say the bank created as many as 1.4 million accounts for unsuspecting customers in order to boost its sales figures.
Wells Fargo has blamed draconian sales targets and poor oversight. Its recovery efforts have included installing new corporate leadership and firing about 5,300 employees who Wells Fargo said were involved in creating fake accounts.
The bank’s headaches were made worse when it admitted to forcing about 570,000 of its customers to sign up for auto insurance that they didn’t need. Wells Fargo has also been accused of modifying mortgages without getting customers’ consent.
Wells Fargo still faces a slew of investigations, including from the Securities and Exchange Commission and the Department of Justice.