EMCC European Monitoring Centre on Change

Wells Fargo

Wells Fargo

Geographic Location

Country: World


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 265000

Employment Effects

Announcement Date: 20-09-2018
Planned Job Reductions min: 13250
Planned Job Reductions max: 26500
Type of Restructuring: Internal restructuring
Employment Effect Start: 20-09-2018
Foreseen End Date: 30-09-2021

Additional Information

The US bank Wells Fargo has announced a worldwide reorganisation that will lead to reduce its worforce by about 5-10% within the next three years. The company employs 265,000 people. The job reduction could affect between 13,250 and 26,500 employees. According to the management, the job cuts would be achieved through internal reorganisation as well as regular team member turnover. The total workforce reduction includes 754 employees dismissed from its mortgage lending division last month from the auto lending and payments and virtual solutions teams. The bank, as the industry in undergoing digitalisation, needs to increase its efficiency and to respond to changing customer behaviour.