Wells Fargo confirms workforce reductions

Wells Fargo confirms layoffs in effort to ‘build stronger company’

Updated: 5:29 PM CDT Oct 27, 2020

Wells Fargo officials confirmed Tuesday that the company is reducing its workforce.Wells Fargo employees have contacted KCCI, saying layoffs have been announced.Vice President of Corporate Communications Steve Carlson told KCCI the company has been transparent about a multi-year effort that will include workforce reductions in nearly all of the company’s business lines and locations. Carlson said he could not confirm or comment about any specific notices or of any local impact in the Des Moines metro.“We are at the beginning of a multiyear effort to build a stronger, more efficient company and improve the experience for our customers, employees, communities and shareholders. The work will consist of a broad range of near-, medium- and long-term actions – including workforce reductions – to bring our expenses more in line with our peers and create a company that is more nimble, streamlined and customer-focused,” Carlson said. “As part of our efforts to strengthen the foundation of our company, we will have workforce reductions in most geographies across our footprint and nearly all of our business lines and functions. We expect to reduce the size of our workforce through a combination of attrition, the elimination of open roles, and job displacements. We are executing this work in a thoughtful and deliberate manner, and we will communicate openly and honestly with impacted employees and provide severance, career assistance and other services to assist them.”As of January, the San Francisco-based company was the largest employer in the Des Moines metro, with about 13,500 employees.