Wells Fargo Announces Fresh Layoffs in 2026 

Wells Fargo has announced another round of layoffs in 2026, taking the total number of jobs cut this year to nearly 150. According to filings submitted under the Worker Adjustment and Retraining Notification Act, the bank has informed 49 employees at its Jordan Creek Parkway campus in West Des Moines, Iowa, that their roles will be eliminated effective April 4.

These layoffs follow earlier notices issued in January, February, and March, bringing the total number of announced job cuts in 2026 to 147. State filings reviewed by People Matters show that this is the fifth publicly disclosed round of layoffs at Wells Fargo this year.

In addition to the Iowa cuts, Wells Fargo has also filed notices in North Carolina indicating that 112 positions will be eliminated in Wake County by early April. The affected roles are largely tied to loan servicing and support operations. In letters sent to state officials, the bank stated that the reductions are part of ongoing business decisions and that impacted employees will be offered severance benefits and transition support.

Workforce Reductions and Strategic Rationale

These recent layoffs sit within Wells Fargo’s long-running plan to shrink overall staffing levels steadily. Since mid-2020, the bank has consistently lowered headcount as it reorganises operations and manages expenses. Public disclosures show that Wells Fargo employed approximately 205,000 people at the end of 2025, down about 25% from levels reported in 2020.

Under CEO Charlie Scharf, who took charge in 2019, the bank’s workforce has declined steadily. At the time of his appointment, Wells Fargo employed more than 275,000 people. By the end of 2025, roughly 65,000 roles had been eliminated.

Recent layoffs have largely affected back-office, loan servicing, and operational support roles. In late 2025, Wells Fargo cut more than 400 positions in Oregon, with filings pointing to call centre and mortgage-related functions. Similar reductions have been reported across several states over the past two years.

Company representatives have previously stated that Wells Fargo regularly reviews staffing levels and seeks internal redeployment opportunities where possible. When redeployment is not feasible, affected employees are offered severance packages and career counselling. Management has also linked workforce reductions to productivity goals and the use of automation in certain processes, without tying these technologies to specific job cuts.

The cost of downsizing has been material. In recent quarters, Wells Fargo disclosed severance expenses totalling more than $600 million, which weighed on its financial results.

Job Cuts in Banking Sector

Wells Fargo’s layoffs align with workforce reductions underway across major US banks. Industry data shows that combined headcount at the six largest US lenders declined in 2025, reaching its lowest level since 2021. Wells Fargo is among several banks that have reduced staffing levels heading into 2026.

Citigroup has announced additional job cuts this year as part of its restructuring programme, including reductions among senior staff and managing directors. Bank of America has also indicated that its workforce is expected to shrink in 2026 following a period of relative stability. Other large lenders have reported lower staffing levels as they adjust operating models and manage costs.

These reductions have occurred alongside changes in demand across lending businesses, including mortgage operations, which have faced pressure from higher interest rates over the past two years.

With about $1.95 trillion in total assets, Wells Fargo remains one of the largest banks in the United States, ranked fourth nationally by asset size, according to its own regulatory filings. The bank has not publicly indicated that the current round of workforce reductions in 2026 will be its last, and no further layoffs beyond the existing WARN notices have been formally filed.