U.S. Markets close in 3 hrs 51 mins

Wells Fargo moves to streamline major departments: report

A woman walks past teller machines at a Wells Fargo bank in San Francisco, California October 10, 2013. REUTERS/Robert Galbraith

(Reuters) - Wells Fargo & Co (WFC.N), the largest U.S. mortgage lender, has undertaken a study to streamline five of its key departments, a move that could lead to job losses, the Charlotte Observer reported on Wednesday.

The five departments under review include human resources, technology support, finance, communications and marketing, an unnamed source told the Observer, adding that the aim was to find savings that could be reinvested in areas like cyber security, risk and compliance, among others.

The company, which announced the move internally last month, took a similar review in 2008 after it bought Wachovia Corp, the Observer added.

Wells Fargo could not immediately be reached for comment.

The San Francisco-based company last month reported a drop in quarterly profit for the first time in five years as employee costs rose while margins are under pressure from low interest rates.

(Reporting by Amrutha Penumudi in Bengaluru)