Wells Fargo Cuts 112 Jobs in Raleigh as Bank Embraces Automation

The layoffs primarily impact the company's chief operating office and loan servicing roles.

Feb. 5, 2026 at 6:07pm

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Wells Fargo, one of North Carolina's largest employers, plans to eliminate 112 positions in its Raleigh office in early April. The layoffs will predominantly impact the company's chief operating office, with nearly half the cuts affecting associate loan servicing representatives. The bank cited the need to align staffing with market conditions and business needs, including opportunities to increase efficiency through automation.

Why it matters

The job cuts at Wells Fargo's Raleigh location are part of a broader trend of major employers in North Carolina embracing automation and technology to streamline operations, which can have significant impacts on local job markets. As one of the state's top employers, Wells Fargo's workforce reductions highlight the challenges facing workers as companies seek to become more efficient through the use of AI and other advanced technologies.

The details

According to a WARN notice filed by Wells Fargo, the layoffs will impact 112 positions at the company's office on Corporate Center Drive in West Raleigh. Nearly half of the cuts, 73 positions, had 'loan servicing' in their titles. The bank cited the need to 'align staffing levels with market conditions and the needs of our businesses,' though it declined to provide specifics on how automation factored into the decision.

  • The layoffs will be effective in early April 2026.
  • Wells Fargo previously leased space at a downtown Raleigh tower until the end of 2023.

The players

Wells Fargo

One of the four largest banks in the United States, with a significant presence in North Carolina as the state's fifth-largest employer.

Christian Stokes

Assistant vice president of Wells Fargo's Displacements Advisory Group, who notified state and local officials of the upcoming layoffs.

Michael Santomassimo

Wells Fargo's chief financial officer, who has stated the company sees 'significant opportunities to get more efficient across the company' through measures like automation.

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What they’re saying

“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.”

— Christian Stokes, Assistant Vice President, Wells Fargo Displacements Advisory Group (The Herald)

“We continue to believe we have significant opportunities to get more efficient across the company. The areas of focus are broad-based, including third-party spend, real estate costs, and automation opportunities.”

— Michael Santomassimo, Chief Financial Officer, Wells Fargo (The Herald)

What’s next

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The takeaway

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