WFC · News · 20260916N

Workforce Reduction

WELLS FARGO & COMPANY/MN · 2026-09-16 · Importance 37 · Surprise 42

Wells Fargo CFO Mike Santomassimo expects additional layoffs as artificial intelligence improves operating efficiency. The bank anticipates AI-driven productivity gains will reduce headcount further beyond current workforce levels. The planned reductions are part of a broader cost-efficiency effort using technology across the financial-services business.

Key facts

• Wells Fargo's CFO anticipates further job cuts as the company leverages artificial intelligence to enhance efficiency and reduce costs. source
• The bank expects AI to lead to more significant reductions in headcount. source