Wells Fargo To Cut 5 To 10 Percent Of Workforce

Sep 20, 2018

Wells Fargo said Thursday that it plans to cut its workforce by 5 to 10 percent over the next three years.

The San Francisco-based bank, which has a large presence in Charlotte, said in a news release that “changing customer preferences” are one of the reasons for the workforce reductions. The bank said those include more self-service technologies that allow people to bank electronically.

The bank said the 5 to 10 percent reduction would include layoffs as well as normal attrition over the three years.

Wells Fargo has 265,000 employees company wide. It has about 20,000 employees in Charlotte.

Wells Fargo spokesperson Peter Gilchrist said the company is not releasing information on what departments or cities will be impacted.

“Wells Fargo takes very seriously any change that involves its team members, and as always, we will be thoughtful and transparent and treat team members with respect,” said Wells Fargo chief executive Tim Sloan in a statement. “We have robust programs to make impacted team members aware of other job opportunities within Wells Fargo and provide support as they transition to the next phase of their careers. And even as we become more efficient, Wells Fargo will remain one of the largest employers in the United States.”