Wells Fargo is laying off up to 700 employees in it commercial banking unit as part of a cost cutting measure that will save the bank up to $10 billion, according to multiple press reporting.

The news was originally reported by Bloomberg News, citing unnamed sources at the bank.

“We are at the beginning of a multiyear effort to build a stronger, more efficient company for our customers, employees, communities and shareholders,” Bank spokesperson Katie Ellis told Bloomberg 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.”