There are concerns that artificial intelligence could erase jobs across financial firms, but it will actually benefit employees by cutting rote tasks, giving them time to focus on more fulfilling work.
Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.
The New York firm, which offers high-cost credit to small businesses, has attributed its recent struggles to certain loans performing worse than had been expected.
Citi says David Madaras sent a profane message that confirmed the name of a confidential client, but he says the messages were read out of order and misunderstood.
