Wells Fargo sheds 79,000 jobs amid AI and automation shift
Business
Wells Fargo has let go of 79,000 employees over the past six years as it leans into artificial intelligence and automation to run things more efficiently.
By mid-2026, its global workforce dropped to about 197,000, down thousands from last year and even from the previous quarter.
Wells Fargo hiring specialized roles
CFO Mike Santomassimo explained that new technology lets Wells Fargo get more done with fewer people, a big part of CEO Charlie Scharf's plan to simplify operations.
Even with all these layoffs, the bank is still hiring for specialized roles in technology, cybersecurity, and customer service.
It is focusing on growth markets and looking for top talent to help boost its digital game and improve customer experience.