(Reuters) - Wells Fargo & Co (WFC.N) 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.
Most of the cuts were in Wells Fargo’s commercial bank and many impacted its team that gives loans to farmers. The bank has also made cuts to its energy lending group. Energy and agriculture are two portfolios in which the company is traditionally strong.
The fourth-largest U.S. lender by assets cut the unit that specializes in agricultural lending by at least 25%, according to four sources with direct knowledge of the matter.
Representatives for Wells Fargo confirmed the cuts but did not elaborate on how many agricultural bankers were laid off.
Over the summer, 22 bankers were axed from its energy team, according to two other sources. The cuts represented about 7% of the energy group, a spokeswoman said.
The energy lending team sits within the investment bank and the agriculture group is part of commercial banking. The company has about 6,000 commercial bankers in the United States.
Many of the agriculture cuts were concentrated in rural areas, one source told Reuters, including North Dakota and South Dakota where staff was cut in half. Wells Fargo plans to create a smaller group of agricultural bankers in one of its new centralized hubs who will work with customers, the person said.
While the move marks Wells Fargo’s latest bid to centralize operations and shed risk, the move comes as a blow to energy companies and increasingly cash-strapped farmers.
With fewer bankers on
