Wells Fargo plans to lay off 21 employees at its Jordan Creek campus in West Des Moines, effective February 10, 2025. This announcement, listed on the state’s Worker Adjustment and Retraining Notification (WARN) website, amends previously reported layoffs, including adjustments of two employees each for planned layoffs on January 12 and January 26, 2025.
“We regularly review and adjust staffing levels to align with market conditions and the needs of our businesses,” stated Wells Fargo Vice President Michael J. Slusark. “We work hard to identify opportunities for employees in other parts of the company so we can retain as many employees as possible. Where it’s not possible, we provide assistance, such as severance and career counseling.”
The latest announcement brings the total workforce reductions in the Des Moines metro area to 342 for 2024 and 1,011 since April 2022, according to the WARN website.
In July, CEO Charlie Scharf noted in an earnings call that the bank’s headcount had been declining for 16 consecutive quarters. Company data indicates that Wells Fargo has cut over 11,000 jobs companywide this year.
In anticipation of these reductions, Scharf announced approximately a year ago that Wells Fargo had allocated nearly $1 billion for severance pay.
Historically, Wells Fargo was the Des Moines metro’s largest employer, peaking at 14,500 workers in 2017. It has since been surpassed by the Hy-Vee supermarket chain, headquartered in West Des Moines. The Greater Des Moines Partnership’s latest data indicates that Wells Fargo currently employs “more than 11,000” individuals in the region.
These strategic moves reflect Wells Fargo’s efforts to adapt to evolving market conditions and operational requirements.