Wells Fargo & Co. eliminating 112 jobs in Raleigh

Wells Fargo & Co. is eliminating 112 jobs in Raleigh as part of ending support operations within its Chief Operating Office business unit, according to a WARN Act notice posted Thursday by the N.C.Commerce Department.

The bank said affected employees work at the 1100 Corporate Center Drive, Lot B, facility. Employees were notified Wednesday that their jobs would end April 4.

Additional reductions in support staff will also affect employees within the consumer banking and lending, finance and technology businesses at the location, the bank said.

"These business decisions are never easy. We are very thoughtful and deliberate in our approach, understanding the impact these decisions have on individuals at the company," wrote Cristina Stokes, assistant vice president for the bank's Displacements Advisory Group.

"It is expected that the affected employees will accept severance benefits based on years of service. Wells Fargo provides career transition services for each employee at no cost."

Wells Fargo began in October 2024 a nationwide facility reduction initiative that features shifting employees to downtown Charlotte, where the bank has its primary East Coast operations.

Wells Fargo reported Jan. 14 that it took $612 million in fourth-quarter severance expenses during the fourth quarter, which came after taking $296 million in third-quarter severance expenses.

The bank did not provide the reasoning behind the severance expense increase other than "the impact of efficiency initiatives" in its news release.

Total employment was at 205,198 as of Dec. 31, down 12,334, or 6%, from a year ago. Since the fourth quarter of 2020, the headcount has decreased by approximately 61,450, or 23%.

On June 27, Wells Fargo confirmed 194 employees were affected by the closing of its 379,000-square-foot West End Center at 809 W. 4½ St. in downtown Winston-Salem. Another part of the center, at Fourth and Broad streets, closed in 2024.

During the third quarter of 2024, Wells Fargo vacated at least 450,000 square feet across multiple buildings in the Winston-Salem Central Business District, according to a report by the Triad office of commercial real-estate company CBRE.

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