Wells Fargo expects more job cuts, will roll out AI gradually in 2026

Wells Fargo expects more job cuts, will roll out AI gradually in 2026

Dec 9 : Wells Fargo expects more cuts to its workforce and sees higher severance expenses in the current fourth quarter, CEO Charlie Scharf said on Tuesday, adding that artificial intelligence was set to change the way its business works."We have gone through the budgeting process, and even pre-artificial int

Wells Fargo CEO Sees AI Impacting Companies' Workforce Decisions

Wells Fargo signals more job cuts and AI rollout in 2026

Wells Fargo anticipates further reductions in its workforce and higher severance costs in the present fourth quarter, reported Reuters, citing CEO Charlie Scharf.  Artificial intelligence (AI) is expected to significantly impact the bank’s operations, particularly regarding efficiency and staffing levels.  While AI is not expected to replace human employees entirely, it could alter how work is performed, the CEO said.  The anticipated workforce …

Wells Fargo to Cut More Staff

Wells Fargo anticipates further workforce reductions and increased severance expenses in the fourth quarter, according to CEO Charlie Scharf. Speaking at a Goldman Sachs financial services conference, Scharf attributed the expected cuts to ongoing efficiency drives and the increasing role of artificial intelligence within the company. Wells Fargo is a diversified financial services company providing banking, investment management and mortgage se…

Wells Fargo CEO Envisions AI Influencing Staffing Decisions

Wells Fargo’s CEO said artificial intelligence (AI) could potentially influence company decisions on staffing levels. Speaking Tuesday (Dec. 9) at a Goldman Sachs-hosted conference, Charlie Scharf noted that his company has begun offering generative-AI tools to its engineers, making it 30% to 35% more efficient for them to write code. While it hasn’t led to job cuts, teams are more productive. “We’re not as efficient as we should be wi…