Wells Fargo plans to cut up to 26,500 jobs over three years

CEO Tim Sloan said on Thursday that Wells Fargo plans to cut 5% to 10% of its 265,000-person workforce. He cited "changing customer preferences," including the wide adoption of digital banking.

"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.

Wells Fargo has been plagued by one scandal after another over the past two years. The legal problems have forced the bank to look for ways to cut costs.

This will be updated.