Wells Fargo has announced plans to lay off 33 employees at its Jordan Creek Campus in West Des Moines, effective April 4, according to the state’s Worker Adjustment and Retraining Notification (WARN) website.
This latest round of layoffs brings the total workforce reductions in the Des Moines metro area to 1,044 since April 2022, with 342 occurring in 2024. Wells Fargo, the fourth-largest bank in the United States with assets of $1.7 trillion, has been reducing its local workforce in recent years.
The company did not immediately respond to a request for comment on Wednesday to Des Moines Register. In past statements, Wells Fargo has indicated that it “regularly reviews and adjusts staffing levels to align with market conditions and the needs of our businesses.”
In July 2024, Wells Fargo CEO Charlie Scharf noted in an earnings call that the bank’s headcount had been declining for 16 consecutive quarters, with over 11,000 jobs cut companywide this year.
The latest layoff notices did not specify which divisions are affected. However, the bank’s home mortgage division, heavily concentrated in the Des Moines metro, has scaled back amid higher interest rates and reduced demand.
Wells Fargo has also announced closures of centers in Hillsboro and Salem, Oregon, affecting more than 700 workers, according to the Oregon WARN site.
The company has consistently stated that it seeks to find opportunities for affected employees in other parts of the organization and provides assistance such as severance pay and career counseling when other positions are not available.