Wells Fargo Layoffs: Bank quietly cuts thousands of jobs through incremental layoffs

What’s happening at Wells Fargo?

Wells Fargo has been steadily reducing its workforce, with thousands of job cuts occurring across North America, The Business Journals reports.

The publication claims CEO Charlie Scharf has emphasized the bank’s strategy of incremental reductions aimed at improving efficiency without large-scale layoffs. The bank’s workforce has decreased to 222,544 as of June 2024, down from 225,869 at the end of 2023.

Recent layoffs and impacted locations

• Las Vegas, NV: 130 jobs cut as Wells Fargo exits operations and personal lending units.
• Des Moines, IA: 219 jobs lost, primarily in the home mortgage sector.
• Jacksonville, FL: 74 jobs eliminated.
• Hillsboro, OR: 95 jobs affected.
• Denver, CO: 70 jobs cut recently, following an earlier reduction of 80 jobs.
• Columbia, SC: 254 employees notified of displacement, connected to the bank’s exit from an office there.

Official statements and context

Wells Fargo has acknowledged the layoffs, stating that they are part of regular adjustments to align staffing levels with market conditions and business needs. The bank claims they are committed to trying to place affected employees in other roles within the company, where possible, and offering severance and career counseling when it’s not.

While Wells Fargo’s layoffs have not made as many headlines as those at tech giants like Intel and Cisco, they are part of a broader trend of cost-cutting and efficiency efforts across the financial and technology industry.

Layoffs in Canada

It remains unclear exactly how many Wells Fargo employees in Canada are losing their job as a result of these quiet layoffs.

Your rights

In Canada, non-unionized employees at Wells Fargo are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This applies to individuals working in any capacity — full-time, part-time, hourly, or potentially even independent contractors — in Ontario, Alberta, and British Columbia.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause, and can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Severance offers and deadlines

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay. An employer’s deadline to sign back a severance offer is not legally enforceable or binding.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements in a recession

Major layoffs continue

The job cuts come amid a flurry of layoffs in 2024.

Big names, including Intuit, UiPath, Dyson, Vancity, Stifel, SAP Canada, Netflix, AmDocs, EXL Service, Best Buy, Relic Entertainment, Ubisoft, Intel, Amazon, and Telus, have pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Shell to lay off 20% of deals division, part of restructuring
• Walmart Canada cuts jobs amid restructuring, shift to Spark: Reports
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.