Layoffs at Wells Fargo & Co. (NYSE: WFC) could be in the tens of thousands, according to a Bloomberg Law report, citing people familiar with the matter.

Job cuts will start this year, as Wells Fargo executives are under increasing pressure to cut costs. The San Francisco-based bank employs about 263,000 people, including 27,500 in the Charlotte region, its largest employment hub. It’s grown its Charlotte footprint by several thousand employees in the past decade. Source Charlotte Business Journal

The French government said Wednesday it was girding for a possible surge in coronavirus cases in coming months but would not respond to any new outbreak with another nationwide lockdown. Source France24

The US economy added a record 4.8 million jobs last month as the nation continued an economic rebound that’s now threatened by a surge in coronavirus infections, new data show. Source New York Post

The number of laid-off workers seeking U.S. unemployment aid barely fell last week, and the reopening of small businesses has leveled off — evidence that the job market’s gains may have stalled just as a surge in coronavirus cases is endangering an economic recovery. Source Fox

The Italian government has signed off on approximately $7 billion in loan guarantees for Fiat Chrysler Automobiles in an effort to shore up a key piece of the country’s manufacturing sector amid the turmoil caused by the COVID-19 pandemic. Source Detroit Free Pers