Wells Fargo Reports 79,000 Jobs Cut Over Six Years, Signals Further Reductions

Wells Fargo has eliminated 79,000 jobs over the past six years and reported that headcount continues to decline, with 197,000 employees worldwide at the end of the second quarter. The bank said it has 15,000 fewer employees than a year ago and cut about 3,500 jobs compared with the previous quarter. Executives, including CFO Mike Santomassimo and CEO Charlie Scharf, said further workforce reductions are expected as investments in technology and AI improve efficiency, though the bank continues to hire in growth and client-facing areas such as branch banking, wealth advisers, commercial banking and technology roles. The workforce update accompanied stronger quarterly financial results, with revenue and net income up year over year, and Wells Fargo framed the cuts as part of ongoing efficiency and digital-transformation efforts.

LayoffTalk has tracked 59 layoff events at Wells Fargo & Company since April 2023, including 508 jobs documented in official WARN filings, with 48 additional events known from news reporting.