Wells Fargo has announced an additional 12 layoffs at its West Des Moines campus, effective September 23, 2024, bringing the total number of job cuts in the Des Moines metro area to 219 this year, according to data provided by Iowa Workforce Development.
The company has been systematically reducing its workforce in the region throughout 2024.
In January 2023, the San Francisco-based bank announced a significant reduction in its home mortgage business, headquartered in the Des Moines area, due to rising interest rates and decreased demand. This strategic shift has contributed to the ongoing layoffs, although the latest notices did not specify which divisions are affected.
Earlier in July, CEO Charlie Scharf noted during an earnings call that the bank’s headcount had been declining for 16 consecutive quarters. Company-wide, Wells Fargo has eliminated over 11,000 positions this year, reflecting ongoing efforts to streamline operations and adapt to changing market dynamics.
Since 2022, Wells Fargo has cut 883 jobs from the Des Moines metro area, Iowa Workforce Development data shows.