Wells Fargo Expands Layoffs, Pushing Total 2026 Job Cuts Past 100

In its ongoing multi-year campaign to reduce its employment, Wells Fargo has announced yet another wave of layoffs. Hence, bringing the total number of employees expected to lose their jobs in 2026 to over 100. According to the Des Moines Register, the lender has informed 49 employees of their impending layoffs. The notices take effect on April 4, according to documents filed on Iowa's WARN website.

There have been 147 declared layoffs at Wells Fargo this year, following four waves in January, February, and March. The most recent round brings the total to 147. Part of a larger trend of staff restructuring at the San Francisco-based bank, the layoffs are happening now. According to the Des Moines Register, the most recent listing brings the grand total of seven rounds of publicised layoffs since September to 224.

Why Wells Fargo Laying Off Employees?

A media request for comment regarding the most recent batch was not promptly addressed by Wells Fargo. A bank representative has previously stated, however, that the institution routinely assesses and changes personnel numbers in response to market circumstances. When feasible, it seeks out internal opportunities to keep impacted individuals on staff.

The organisation offers severance packages and career counselling in cases when redeployment is not an option. Everyone was expecting the cuts to keep coming. Over the course of the bank's pursuit of efficiency gains, CEO Charlie Scharf has frequently cautioned that additional cuts are probable. Additionally, it is adjusting to the industry's structural shifts. Among these, the influence of AI on the way jobs are done is on the rise. Wells Fargo has decreased its workforce over the past many years under Scharf's leadership. When he took charge in 2019, the bank employed over 275,000 people. By the end of September 2025, roughly 65,000 jobs had been lost, according to the Des Moines Register.

Ongoing Challenges of Wells Fargo

A lot of money has been spent on the reorganisation. Following $612 million in severance costs associated with its downsizing initiative, Wells Fargo recently fell short of analysts' earnings forecasts for the fourth quarter. Which business units are impacted is not specified in the WARN notices. Rising interest rates and weaker demand have put stress on the bank's mortgage operations. Consequently, there has been a reduction in personnel in the past few years.

Wells Fargo's assets of around $1.77 trillion place it as the fourth-largest bank in the US. While it attempts to strike a balance between cost discipline, technology-driven transformation, and fluctuating client demand, it is still reshaping its structure. As the lender continues to move forward with its next round of restructuring, it is anticipated that there will be adjustments to the personnel.