Layoffs Hit Wells Fargo and Bahama Breeze in Raleigh as Jobless Claims Rise Nationally

Roughly 200 jobs impacted as economic uncertainty continues

Feb. 7, 2026 at 8:47am

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Two major businesses in Raleigh, North Carolina - Wells Fargo and Bahama Breeze - have announced layoffs, impacting around 200 employees. This comes as the United States sees a jump in applications for jobless benefits nationwide. Economists say it's too soon to tell if these layoffs are part of a larger trend or specific to these companies.

Why it matters

The layoffs in Raleigh reflect broader economic uncertainty, with job openings falling nationwide even as North Carolina has seen some positive signs. Experts warn that a combination of layoffs and fewer job openings could signal a concerning economic downturn.

The details

Wells Fargo announced 112 layoffs at one of their business units in Raleigh, while Bahama Breeze announced 75 layoffs at their North Hills location. UNC Kenan Institute Chief Economist Gerald Cohen noted that job openings have been falling nationwide, but it's unclear if these specific layoffs are part of a larger trend or specific to these businesses. Data shows North Carolina is outperforming national trends, with job openings up and jobless claims down, but Cohen warned that a combination of layoffs and fewer job openings could be 'really worrying'.

  • The layoffs were announced on February 7, 2026.

The players

Wells Fargo

A major financial services company that announced 112 layoffs at one of their business units in Raleigh.

Bahama Breeze

A restaurant chain that announced 75 layoffs at their North Hills location in Raleigh.

Gerald Cohen

The UNC Kenan Institute Chief Economist who provided analysis on the economic trends behind the layoffs.

Mir Garvy

The owner and founder of Job Market Solutions, who provided advice for job seekers facing challenges in the current market.

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What they’re saying

“It's hard to know whether these layoff announcements are an indication of something, of things getting worse in the economy, or just kind of general trends that relate specifically to these businesses.”

— Gerald Cohen, UNC Kenan Institute Chief Economist (abc11.com)

“If you're relying on applications alone in this market, it's so easy to become invisible.”

— Mir Garvy, Owner and Founder, Job Market Solutions (abc11.com)

The takeaway

The layoffs in Raleigh reflect broader economic uncertainty, with job openings falling nationwide even as North Carolina has seen some positive signs. Experts warn that a combination of layoffs and fewer job openings could signal a concerning economic downturn, underscoring the challenges job seekers face in the current market.