Wells Fargo reports cumulative cuts of 79,000 jobs over six years, signals further reductions
What we know
Based on news reporting.
Summary
Wells Fargo & Company has eliminated 79,000 jobs over the past six years as part of an ongoing efficiency programme, with headcount declining for 24 consecutive quarters to 197,000 employees worldwide at the end of Q2. The bank reported 15,000 fewer employees than a year ago and cut 3,500 jobs compared with the previous quarter. Executives said further workforce reductions are expected as investments in technology and artificial intelligence boost productivity, even as the firm continues hiring in customer-facing and growth-focused roles like branch bankers, investment advisers, commercial-banking relationship managers, and technology and cybersecurity positions. The workforce changes accompanied stronger financial results for the quarter ended June 30, including revenue of $22.62 billion and net income of $12.3 billion, with management framing the cuts as part of reshaping the workforce for efficiency and strategic growth.
LayoffTalk has tracked 67 layoff events at Wells Fargo & Company since April 2023, affecting a combined 14,654 employees.
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