Wells Fargo is laying off 24 employees from its West Des Moines campus, according to the state’s Worker Adjustment and Retraining Notification or WARN , website.
The latest round of layoffs goes into effect July 14 and marks the bank's fourth round of job cuts since the beginning of the year.
Were the layoffs expected?
Wells Fargo CEO Charlie Scharf announced in late 2023 he was anticipating severance costs of $750 million to $1 billion in the upcoming year.
Wells Fargo's central Iowa spokesman, Mike Slusark, released the statement that has accompanied all they the layoffs.
“We regularly review and adjust staffing levels to align with market conditions and the needs of our businesses," Slusark said. "We work very hard to identify opportunities for employees in other parts of the company so we can retain as many employees as possible. Where it’s not possible, we provide assistance, such as severance and career counseling."
But he noted that Wells Fargo does have 55 open jobs currently listed in the Des Moines metro.
How many layoffs has Wells Fargo made in the metro?
The most recent round of cuts brings to 326 the publicly announced number of workers cut since April 2023 from Wells Fargo’s Des Moines metro employment rolls, and 1,442 positions cut since 2018, according to WARN records. The bank also previously announced layoffs from its Jordan Creek campus in February, March and earlier in May.
Overall, San Francisco-based Wells Fargo ― until recently, Des Moines metro's largest employer ― shed 11,300 jobs in 2023, or 4.7% of its workforce, according to YahooFinance . That year began with its announcement it would make big reductions in its Des Moines metro-based home mortgage business as rising interest rates slashed demand.
Kevin Baskins covers jobs and the economy for the Des Moines Register. Reach him at kbaskins@registermedia.com.
This article originally appeared on Des Moines Register: Wells Fargo continues layoffs in Des Moines metro, but bank says more jobs available
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