USA 
United Kingdom
Wells Fargo chief executive Charlie Scharf said the bank expects its employee base to decline further as part of ongoing efforts to simplify internal processes and improve efficiency.
He said the company intends to rely largely on attrition rather than broad rounds of layoffs.
“I think it's likely we'll have less headcount as we look forward, both because of just our continuing opportunities to get more efficient,” Scharf said. “We'd like to do as much of it through attrition as possible. So we try and be very conscious about where do we see efficiencies coming, where, where do we have too much process in place, and then, as we have attrition in those areas, try and force ourselves to not rehire so we don't have to have people who wind up without jobs.”
The job losses will mark a further step in the bank’s transformation journey under Scharf. Some 275,000 employees were on the payroll when he took over in 2019, compared with just over 210,000 today. Leadership has consistently framed the reduction as part of a shift toward clearer decision-making, fewer operational layers and a more disciplined cost base.
Automation and organizational redesign
A growing reliance on artificial intelligence and automation is expected to shape the next phase of workforce change, as it is with many companies right now, particularly in the tech space.. The bank is integrating advanced technology to reduce manual tasks and build what management describes as a leaner structure focused on innovation, customer experience and expense control. Streamlining is positioned as a long-term effort rather than a one-time restructuring event.
Wells Fargo is also working to remove processes that contribute to bureaucracy inside business units. The bank has emphasized that redeploying staff to higher-value work and not refilling roles where functions are no longer necessary will be central to the plan.
Regulatory environment shifts
The strategy is unfolding alongside a return to greater operational flexibility. Earlier this year, the US Federal Reserve lifted the $1.95 trillion asset cap imposed after the bank’s fake-accounts scandal. With a balance sheet valued at over $2 trillion, the organization can now support growth in deposits, lending and core offerings.
Scharf has indicated that the bank is not seeking large-scale mergers or acquisitions. Smaller transactions, particularly in areas such as payments or wealth management, remain possible but are not a priority at this stage.
