Nearly 200 Wells Fargo Employees in North Carolina Facing Layoffs This Summer
WINSTON-SALEM, NC — Nearly 200 employees at Wells Fargo are set to lose their jobs in Winston-Salem this summer, as part of a broader restructuring effort that affects multiple departments at the banking giant.
Layoffs to take effect in August
According to a Worker Adjustment and Retraining Notification (WARN) Act report filed with the North Carolina Department of Commerce, 194 employees will be laid off by August 23. The layoffs will impact workers based at 809 W. 4 1/2 Street in Winston-Salem.
In a June 24 notice to the state and city officials, Wells Fargo confirmed that this move follows its earlier decision to exit the chief operating office global operations division in Winston-Salem. The affected units also include consumer lending, corporate risk, and technology, the bank said in its filing.
More details were first reported by the Charlotte Observer.
Employees given 60-day notice
Wells Fargo began issuing 60-day termination notices to affected workers starting April 1, with most employees receiving notice on June 24. In an emailed statement, the bank said it is providing severance packages and career support services to help displaced workers transition.
“This action does not impact our commitment to serving customers in the Winston-Salem area,” the company stated, adding that customer-facing operations will continue to operate normally.
Layoffs follow federal changes to asset cap
The timing of the layoffs follows a significant federal development for the bank. Earlier in June 2025, the Federal Reserve lifted Wells Fargo’s $1.95 trillion asset cap, a punitive restriction imposed in response to the bank’s notorious fake accounts scandal that began in 2016.
While this change is expected to open up growth opportunities for Wells Fargo’s operations nationwide, Chief Financial Officer Mike Santomassimo said at a financial conference that it will still take time for internal adjustments to align with future plans.
Wells Fargo currently employs about 215,000 people, with 27,000 based in Charlotte, its largest employment hub.
How do you feel about corporate restructuring and job security in North Carolina’s banking sector?
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