Wells Fargo Bank has announced plans to close its Salem corporate office, resulting in the layoff of 221 employees. The company informed state officials and employees on December 3, 2024, with formal displacement notices expected in the fourth quarter of 2025. Impacted employees will receive 60 days’ notice prior to their layoff.
The layoffs will affect the Chief Operating Office Global Operations unit located at 355 Hawthorne Ave S.E. Wells Fargo’s retail banking branches in Salem will remain operational and are not impacted by this decision.
Salem Mayor Chris Hoy expressed concern over the timing and impact of the layoffs, stating, “It’s unfortunate for the employees, their families, and for our community, and to happen around the holidays makes it feel particularly heartless.” He added, “Sadly, Corporate America cares about the bottom line and not the common good.” Despite this setback, Mayor Hoy remains optimistic about Salem’s economic resilience, noting ongoing significant investments in the area.
In addition to the Salem office closure, Wells Fargo plans to lay off approximately 500 workers at its William Barnhart Center in Hillsboro, Oregon.
The company has indicated that employees who do not secure other positions within Wells Fargo will be eligible for severance benefits based on their tenure and can continue participating in health plans at active rates for a specified period.
Wells Fargo spokesperson Tyler Hersko commented on the restructuring, stating, “We continue to bring the majority of our noncustomer facing positions together in locations best suited for our customers and our company.”
This layoff represents one of the most significant workforce reductions in Salem in recent years. In 2019, NORPAC’s closure led to 900 local job losses, and at the onset of the COVID-19 pandemic, The Grand Hotel and Salem Convention Center let go of 227 employees.
Wells Fargo has committed to providing severance, career assistance, and other services to support displaced employees during this transition.