Recording 24 consecutive quarters of staff reductions, the current headcount stands at 197,000 employees, reflecting a decrease of 15,000 positions compared to the previous year. Over the past six years, under the leadership of CEO Charlie Scharf, the organization has eliminated a total of 79,000 roles.
https://www.msn.com/en-us/money/other/wells-fargo-warns-of-additional-job-cuts-as-cost-cutting-drive-continues/ar-AA284NyR?ocid=msedgntp&pc=U531&cvid=f393bcd159ae452af7868dfd2f6ebb02&ei=9
@d4 I’ve said this before but rational minds are not in this room. It’s a bloated company that overhired b/c the consent order provided air cover for unlimited shadow functions and redundancies. Its peers with bigger footprints and global businesses can justify 200K+ headcount. WFC doesn’t need 200K…it’s just an inefficient, dysfunctional operation that kept kicking the can down the road until the unpopular decision had to be made. Are they doing it the best way? No, it’s shady AF. Two things can be true, though—it’s the right business strategy and trying to force attrition is the mark of an unethical workplace.
“Our willingness to invest more in senior talent and in technology, and dedicate more balance sheet to these activities, is paying off,” Scharf said. “The plan is working.”
Who are those senior talent? Anyone below P5 , can expect a layoff or firing?
It is idea just have P5 self managed on the work stream with few managers .
I am a senior tech manager. The operating model is moving in two directions at once. Certain areas are still being reduced, while investment and hiring around AI-related priorities are accelerating.
The detail not being said publicly is the scale of future displacements. Some leaders are planning for their future organizations to operate with roughly one-quarter of today’s staffing levels within the next two years.
For those joining the growth areas, the opportunity is real, but so is the extraction model: long days, nights and weekends, sustained intensity, and compensation that is unlikely to reflect the actual value of the additional effort. In practical terms, people may create a dollar of value and receive only pennies for the marginal sacrifice. You are being exploited because the tight labor market right now lets Wells Fargo exploit you and they are toasting to it in the boardroom.
I've been tracking headcount for years on a monthly basis, and I will say the rate of layoffs has slowed down quite a bit this year compared to '24 and '25. I suppose it could ramp back up, but I think the focus will be more on attrition going forward, not backfilling for roles unless absolutely necessary, with some location strategy thrown in.
Also something interesting: our non-U.S. headcount actually decreased in the last month, which is the first time I've ever seen that while tracking headcount.
@c2 don't bring in truths and facts.
Wells always had a culture of over hiring instead of investing in tech. And they never had cost cutting initiatives because we were always profitable. Same thing happens when a start up or tech firm stops growing by 20%/year. Was great for a lot of people until that style caught up with everyone.
@cb there's probably over a 100 sources reporting the same. The key is to not live in a cave
What happened to living the Well Life?
Dearest Uncle Klaus said a long time ago that Americans’ standard of living was too high comparing to other nations and something would be done about it. And the Chairman is just one of many annointed disciples and simply does his part in dismantling this storied nation. Yes, the money is sweet — but this, this is the icing on the cake, and much sweeter at that.
Maybe…. Just maybe someday an executive will be displaced
Since their leadership isn’t obtaining the efficiency ratio desired…. Maybe the fault is with them?
@cb ??? It was reporting what was said on the Q2 earnings call. Straight from CFO
Santomassimo’s mouth. More cuts on the way.
MSN? Laughable source.
While the wild card remains AI, the headcount reduction barring that will continue. Reasonable peer attrition levels to BAC, JPM, and Citi would see WFC slow down around 175-185. AI will invariably add to that, which could indeed see it close in on 150.
What is clear is that the 6 years of reduction now is the culture and it will not change until (at the earliest) the next CEO arrives.
Want to know where all this is heads? Ask various AI models to compare the revenue, efficiency ratios, and income for all the banks- and look at their current US staffing levels. Have it consider that WF has more of a consumer banking focus compared to rivals. Estimates that come back indicate WF should have 150k to 170k employees.
Cut 80,000 roles, but mysteriously more executives are needed in order to run everything? That tracks.
Charlie must be a real leader to be ki-ling the company like this.
Imagine the bxlls on this guy to ask for a raise?