Wells Fargo has extended its work from home policy until at least October 2020, Bloomberg has reported.

The bank said it will allow about 200,000 of its employees to continue working remotely.

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In an emailed statement, Wells Fargo spokesperson Beth Richek said: “We do not yet know when we’ll return to a more traditional operating model.”

Richek said that the bank is developing “a thoughtful, phased plan,” and “will use guidance from health experts to maintain a safe workplace for all employees, including those who have continued to work from the office and those who will be returning to the office over the course of time.”

Previously, the bank had planned to keep its staff working from home until September 2020, the report added.

The bank has operations in more than 7,800 locations in all 50 US states and across the world.

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Separately, the Financial Times reported that the San Francisco-based bank is planning to slash its consultancy expenses.

This follows an internal backlash against $1-1.5bn yearly expenditure incurred by the bank as a result of appointing consultancies like McKinsey, PwC and Oliver Wyman.

Wells Fargo boss Charlie Scharf described the expenses as “extraordinary”.

The savings will reportedly include thousands of job cuts among its 266,000 global workforces.

Explaining the over-reliance on consultants, Scharf said: “The things that we rely on outside people to do is beyond anything that I have ever seen.”

In Q2 2020, Wells Fargo posted $758m in “other professional services” expenses.

The FT report added that the bank has pledged to cut as much as $10bn in annual costs after reeling from losses in its first quarter.