(CNN) – Wells Fargo CEO Tim Sloan announced Thursday that Wells Fargo is expected to cut as many as 26,500 jobs over three years.
He said it’s due to changing customer preferences, which includes a rise in online banking.
The workforce reduction will occur with layoffs and attrition.
“Wells Fargo takes very seriously any change that involves its team members, and as always, we will be thoughtful and transparent, and treat team members with respect,” Sloan said in a statement.
Regulators slapped large fines on the bank after a wave of scandals over the past two years, including the creation of millions of fake bank accounts.