Wells Fargo’s head count has fallen as the company tries to curtail expenses.
The company reported having 201,000 employees at the end of the first quarter, down from 215,000 for the same period last year, a 7% decline.
The bank reported that noninterest expense came in at $14.3 billion for the quarter, up $439 million, or 3%, from the same period last year.
Wells Fargo said personnel expenses rose $119 million due to higher compensation expenses in its wealth management unit where it has thousands of highly-paid financial advisors.