Wells Fargo Anticipates More Layoffs Amid Commercial Real Estate Woes
Wells Fargo expects further layoffs as it attempts to improve efficiency amid a commercial real estate slump.
The prominent U.S.-based financial institution has been cutting jobs since the third quarter of 2020. Since that time, Wells Fargo has laid off nearly 40,000 employees.
Chief Financial Officer Mike Santomassimo told Reuters on Sept. 12 that, “I do think that there’s more to do, and you’ll see that through the headcount number.”
Wells Fargo has previously made large cuts to its mortgage business. The bank’s commercial real estate business is also facing pressure, as many buildings remain empty because of the popularity of remote work.
If you’re a non-unionized employee, check out our Wells Fargo Layoffs guide.
You can also use our free Pocket Employment Lawyer tool for real-time insights.
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About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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