CHARLOTTE — Wells Fargo may lay off more people than the company originally expected.
According to the Charlotte Business Journal, the layoffs are not business-driven.
The San Francisco-based bank, with a large Charlotte presence, has already cut 24% of its headcount from a peak of about 276,000 workers in the second quarter of 2020 to about 211,000 as of Sept. 30, our partners at the Charlotte Business Journal reported.
Wells Fargo has cut staff every quarter for the last five years. Its headcount of 210,821 declined 1% from the end of the second quarter and is down 4% from Sept. 30 of last year.
The CEO said the company has instead become more efficient.
“This was not driven by business sales or outsourcing but, in fact, real improvement in our efficiency,” CEO Charlie Scharf told investors on the bank’s earnings call. “We’ve also significantly reduced how much we spend on professional and outside services as well as non-branch real estate.”
Exact numbers of people who will lose their jobs were not shared.
Read more from CBJ’s website here.
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