Wells Fargo announces another round of layoffs, pushing 2026 cuts above 100

Wells Fargo has announced another round of layoffs, taking the total number of employees set to lose their jobs in 2026 to more than 100 as the bank continues a multi-year effort to streamline its workforce.

The Des Moines Register reported that the lender has notified 49 employees of layoffs effective April 4, based on filings on Iowa’s Worker Adjustment and Retraining Notification (WARN) website. The latest cuts bring Wells Fargo’s announced layoffs this year to 147, following four earlier rounds in January, February and March.

The job reductions form part of a broader pattern of workforce reshaping at the San Francisco-based bank. The Des Moines Register said the latest listing takes the total number of announced layoffs in seven rounds since September to 224.

Wells Fargo did not immediately respond to a request for comment on the latest round. However, a spokesperson has previously said the bank “regularly reviews and adjusts staffing levels to align with market conditions” and works to identify internal opportunities to retain affected employees where possible. Where redeployment is not feasible, the company provides severance support and career consulting.

The ongoing reductions have been widely expected. Chief executive Charlie Scharf has repeatedly warned that further cuts are likely as the bank pursues efficiency gains and adapts to structural changes in the industry, including the growing impact of artificial intelligence on how work is performed.

Under Scharf’s leadership, Wells Fargo has steadily reduced headcount. The Des Moines Register noted that the bank employed around 275,000 people when he took over in 2019, cutting roughly 65,000 roles by the end of September 2025.

The restructuring has carried significant costs. Wells Fargo recently missed analysts’ profit estimates in the fourth quarter after booking $612 million in severance expenses linked to its streamlining drive, the newspaper reported.

While the WARN notices do not specify which business units are affected, the bank’s mortgage operations have faced pressure from higher interest rates and softer demand, prompting a pullback in staffing levels in recent years.

Wells Fargo remains the United States’ fourth-largest bank, with about $1.77 trillion in assets, but continues to reshape its organisation as it balances cost discipline, technology-driven change and shifting customer demand. Further workforce adjustments are expected as the lender pushes deeper into its next phase of restructuring.