Wells Fargo plans to cut up to 10% of workforce in the next 3 years

Wells Fargo is lowering its employee headcount by 5 to 10 percent in the next three years, the company announced Thursday.

The decline will reflect displacements and team member attrition, the bank's Chief Executive Officer Tim Sloan said in a press release.

Wells Fargo has 265,000 employees, meaning the reduction would result in a loss of between 13,250 and 26,500 jobs.

The move is part of Wells Fargo's "ongoing transformation, which addresses industry trends and changes in customer behavior, during a regularly scheduled companywide town hall meeting," Sloan said.

The company blamed "changing customer preferences," including the adoption of digital self-service capabilities.

This story is developing. Please check back for updates.

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