Wells Fargo sees more job cuts going into 2026

Wells Fargo’s CEO has signaled that the bank expects its workforce to shrink further in 2026 and is preparing for higher severance costs tied to those job cuts.​

What Wells Fargo Said

At a Goldman Sachs financial services conference on December 9, 2025, CEO Charlie Scharf said Wells Fargo anticipates having fewer employees next year and expects increased severance expenses in the current fourth quarter. He described this as part of the company’s budgeting process and broader efficiency drive rather than a one‑off move.​

Role of AI and Efficiency

Scharf has emphasized that artificial intelligence and automation are important drivers of the planned workforce reduction, as the bank looks to streamline operations and lower costs. He also noted that AI is not expected to completely replace human workers but will change how work is done, with some roles reduced and new opportunities emerging in technology and related functions.​

Scale and Timing

Wells Fargo did not provide a specific headcount target or detail which departments will be most affected by the 2026 reductions. However, the bank’s workforce has already fallen from about 275,000 employees when Scharf joined in 2019 to just over 210,000 as of September 30, 2025, indicating a multi‑year trend of staff cuts that is expected to continue.​​