Jobs
Wells Fargo is cutting more jobs in Des Moines metro, bringing 2024’s total to 219
Wells Fargo continues slicing jobs in the Des Moines metro area, with the San Francisco banking giant announcing a dozen more cuts Wednesday, bringing the total number of jobs shed so far this year to about 220.
The financial services company it will cut 12 jobs in West Des Moines, effective Sept. 23, according to layoff data provided Iowa Workforce Development. Wells Fargo has notified Iowa workers 13 times this year it’s cutting 219 jobs, data provided the state shows.
Since 2022, Wells Fargo has cut 883 jobs from the Des Moines metro area, Iowa Workforce Development data shows.
Wells Fargo spokesman Mike Slusark said Wednesday the company regularly reviews and aligns its workforce with market conditions and business needs.
The company tries to find displaced workers with new employment within the company, Slusark said in a statement. And when that’s not possible, it provides assistance, such as severance and career counseling.
Since 2022, Wells Fargo has cut 883 Des Moines metro area jobs, given its drive for increased efficiencies. And in January 2023, the company announced pulling back on its home mortgage business.
The company is selling office buildings in downtown Des Moines and West Des Moines as it moves workers to its West Des Moines campus near Jordan Creek mall.
Earlier this month, Wells Fargo CEO Charlie Scharf said in an earnings call with analysts it was the 16th consecutive quarter the company’s “head count has continued to decline.” Over the past year, Wells Fargo has cut 11,290 jobs, second quarter data shows.
Despite the string of layoffs, Wells Fargo’s Slusark said the company had 65 openings.
With $1.9 trillion in assets, Wells Fargo said it earned $4.9 billion in the second quarter, mostly flat compared to the same quarter a year earlier.
Donnelle Eller covers agriculture, the environment and energy for the Register. Reach her at deller@registermedia.com or 515-284-8457.
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