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Wells Fargo to lay off more than 500 South Carolina staff

By Nithya Bose in US business news, posted October 5, 2023

Wells Fargo is planning to cut over 525 jobs in Columbia and close office space.

The move is part of its ongoing efforts to streamline its real estate holdings and reduce its workforce.

The office closures will happen by June 30, 2024.

The decision follows an announcement by the company's Chief Financial Officer earlier this month and a letter submitted to South Carolina's workforce agency.

It outlined the need to consolidate real estate investments into fewer locations or reduce existing space.

Employees were informed of the impending layoffs on September 28.

Wells Fargo said: “We need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate.”

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A company spokesperson added: “Wells Fargo continues to bring employees in non-customer facing roles together and to improve and modernize our workspaces.

“This will strengthen our customer-centric culture, collaboration, strong risk management, and innovation.”

Employees affected in Columbia can transfer to alternative locations within the company.

Those who opt for departure will receive support through severance packages and career counseling.

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CFO Michael Santomassimo had hinted at more layoffs and its real estate downsizing during a conference in mid-September.

Santomassimo said the bank has already cut nearly 40,000 jobs over the years, with the number of employees declining each quarter since late 2020.

He said: “Now, I’m not suggesting it’s going to be down every quarter forever, right. But I do think that there’s more to do.”

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