(Reuters) – Wells Fargo & Co <WFC.N> has started to cut jobs at its commercial banking unit as part of larger reductions that will impact nearly all of its functions and business lines, a company spokeswoman said on Wednesday.

The bank resumed job cuts in early August after it paused layoffs in March because of the COVID-19 pandemic.

Wells Fargo said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

“We are at the beginning of a multiyear effort to build a stronger, more efficient company for our customers, employees, communities, and shareholders,” a spokeswoman said via email on Wednesday.

“The work will consist of a broad range of actions, including workforce reductions, to bring our expenses more in line with our peers,” she added, without specifying the number of job cuts.

Wells Fargo has cut 700 jobs as part of workforce reductions that could ultimately impact “tens of thousands” of staff, Bloomberg News reported on Wednesday citing people with knowledge of the matter.

At the height of the COVID-19 pandemic last spring, the heads of large U.S. banks including Morgan Stanley <MS.N>, Bank of America Corp <BAC.N> and others had pledged not to cut any jobs in 2020.

However, as executives prepare for an extended recession and loan losses that come with it, layoffs are back on the table.

Goldman Sachs Group Inc <GS.N> said last month it plans to move forward with “a modest number of layoffs”.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)

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PARIS (Reuters) – The four main unions representing employees at Renault RENA.PA oppose its cost-cutting plans, union sources said, adding to the French carmaker’s restructuring headaches.

A logo of Renault carmaker is pictured at a dealership in Le Loroux-Bottereau, France, September 28, 2020. REUTERS/Stephane Mahe

Loss-making Renault, which is 15% owned by the French government, has outlined 2 billion euros ($2.3 billion) in savings, including via job cuts and reorganising its factories, to restore profitability.

Employee representatives only have a consultative role in the plans, but rejecting them would complicate the task for new Chief Executive Luca de Meo.

De Meo, who arrived in July, had called on staff to back him in a recent internal memo seen by Reuters, saying: “I need you to carry out this turnaround.”

The CFE-CGC, CFDT, CGT and Force Ouvriere unions rejected Renault’s plans at a meeting with representatives of the firm on Tuesday, four union sources said.

The CFE-CGC union confirmed its opposition to the cuts in a statement, saying it was not convinced by the way Renault planned to go about its plans even if it understood the economic imperatives.

Renault declined to comment.

The company has like peers been hit hard by the coronavirus crisis, which forced it to halt production earlier this year while dealerships also closed temporarily.

This exacerbated existing problems with profitability, and De Meo wants Renault to produce fewer cars while improving margins. The firm plans to cut 15,000 jobs worldwide in the next three years, including 4,600 in France.

Unions have rejected wide-ranging layoff plans by other carmakers in France before, including at Peugeot-maker PSA PEUP.PA in 2012. This has not stopped them from going ahead.

But PSA managed to get unions on board for subsequent competitiveness agreements, which included wage freezes.

Reporting by Gilles Guillaume,