Thread regarding Wells Fargo & Co. layoffs

# Wells Fargo Layoffs – Des Moines Area (June 2024)

## Summary

Wells Fargo has announced continued workforce reductions in West Des Moines, Iowa, marking another step in a broader restructuring that has significantly reduced its presence in the region since 2022.

## Key Facts

### Recent Layoff Notice

• Announcement: 35 additional layoffs at Jordan Creek campus
• Effective Date: August 2024
• Source: Iowa WARN (Worker Adjustment and Retraining Notification) notice

### Ongoing Layoff Totals

• Total Announced Layoffs Since April 2022: 1,241 employees
• Includes 82 in original notices and 159 added through recent amendments
• Layoff Timeline: Spanning April 2022 to July 2024

### Affected Divisions

• Unspecified in announcements
• Home Mortgage Division likely impacted due to:
• Rising interest rates
• Decreased mortgage demand

### Company Statement

"Des Moines is an important employment market for Wells Fargo, and we are committed to serving our customers and supporting the community."

• Assistance includes:
• Job placement within company
• Severance pay
• Career counseling

## Local Employment Context

• 2017 Wells Fargo Metro Employment: 14,500 employees
• 2024 Estimate: “More than 11,000”
• Comparison: Hy-Vee employs over 12,000 in the same area

### Other Industry Impacts

• F&G Annuities and Life: 192 layoffs announced May 2024

## Financial Outlook

• Consumer Loan Growth: Expected to remain flat or decline in 2024
• CFO Mike Santomassimo, June 10, Morgan Stanley U.S. Financials Conference

## Regulatory Development

• Federal Reserve Action: Lifted $1.95 trillion asset cap in early June 2024
• Cap imposed in 2018 following account fraud scandals
• Fed cited “substantial progress” in governance and risk management improvements

## Source

• Des Moines Register, Kevin Baskins

Thanks

https://www.desmoinesregister.com/story/money/business/2025/06/11/wells-fargo-layoffs-des-moines-jordan-creek/84154779007/