Overview
- CEO Charlie Scharf said the bank expects fewer employees going into next year and likely higher severance charges in the fourth quarter.
- Wells Fargo plans a gradual deployment of AI through 2026 and beyond, saying the technology will change how work is done rather than fully replace people.
- Generative AI tools have made the engineering team about 30% to 35% more efficient at writing code, with no reduction in coding headcount so far.
- The workforce has already fallen from roughly 275,000 in 2019 to a little over 210,000 as of September 30, 2025, as part of a broader efficiency push.
- Peers report similar trends, with JPMorgan, Citigroup and PNC citing productivity gains and job shifts, Goldman signaling job cuts and a hiring slowdown, and Bank of America committing billions to technology.