Will artificial intelligence replace all jobs at Wells Fargo?

Wells Fargo's CEO stated that AI is not expected to replace human employees entirely, but it will alter how work is performed.

How many jobs has Wells Fargo cut since 2019?

Since 2019, Wells Fargo's employee count has decreased from 275,000 to just over 210,000.

When will Wells Fargo fully implement AI?

Wells Fargo plans to incrementally introduce AI throughout 2026 and beyond to enhance operational efficiency.

Home / Business and Economy / Wells Fargo Eyes AI for Efficiency, Job Cuts Loom

Wells Fargo Eyes AI for Efficiency, Job Cuts Loom

10 Dec

•

Summary

Wells Fargo expects further workforce reductions and higher severance costs.
Artificial intelligence will significantly impact efficiency and staffing levels.
The bank's employee count has decreased by over 60,000 since 2019.

Wells Fargo Eyes AI for Efficiency, Job Cuts Loom

Wells Fargo is preparing for additional workforce reductions and elevated severance expenses during the current fourth quarter. CEO Charlie Scharf indicated that artificial intelligence is poised to profoundly influence the bank's operational efficiency and staffing requirements.

While AI is not expected to eliminate human jobs entirely, its integration will reshape job functions. This anticipated reduction aligns with Wells Fargo's ongoing strategy to enhance operational efficiency. Scharf noted that AI tools are already demonstrating significant gains in productivity, such as a 30-35% increase in coding efficiency among engineers.

Since 2019, Wells Fargo's employee numbers have fallen from 275,000 to just over 210,000. The bank plans a phased AI introduction through 2026 and beyond, viewing it as a positive development for organizational efficiency and a source of technological opportunities.