Wells Fargo  (WFC) – Get Report reportedly has cut more than 700 commercial-banking jobs and the bank ultimately could reduce tens of thousands positions.

Shares of the San Francisco-based financial services company were up 2.56% to $24.80 in trading Wednesday.

The terminations affected positions across the division, Bloomberg reported, citing people with knowledge of the situation.

The unit offers a variety of services to businesses that typically have more than $5 million in annual sales. 

Wells Fargo didn’t immediately respond to a request for comment, but company spokeswoman Katie Ellis confirmed to Bloomberg that at least some reductions have occurred.

“We are at the beginning of a multiyear effort to build a stronger, more efficient company for our customers, employees, communities and shareholders,” Ellis said in a statement. “As part of this work, we will have impacts, including job reductions, in nearly all of our functions and business lines, including commercial banking, where we have started displacements.”

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