BANKING

Wells Fargo to Cut 700 Jobs: The San Francisco-based bank plans to eliminate the positions by year’s end as part of a reorganization of its branch system, but expects to transfer most of the workers to other areas of the bank. Wells Fargo has 30,000 employees overall. The bank said the restructuring is aimed at streamlining branch operations and enabling its branch managers to focus exclusively on customer service, as opposed to handling both service and sales of products such as mutual funds.