by PORTLAND, Ore. — Wells Fargo is cutting hundreds of jobs across Oregon in yet another round of layoffs, according to new filings with state officials.
Hundreds of Job Cuts Across Three Cities
The banking giant said in a Worker Adjustment and Retraining Notification (WARN) issued Tuesday that 444 Oregon employees will lose their jobs effective December 26.
The layoffs will affect:
- 263 employees in Hillsboro
- 147 employees in Salem
- 34 employees in Portland
“These business decisions are never easy,” said Christina Stokes, assistant vice president of Wells Fargo’s Displacements Advisory Group.
“We are very thoughtful and deliberate in our approach, understanding the impact these decisions have on individuals at the company. Wells Fargo is committed to supporting our displaced employees and provides severance, career assistance, and other services to assist them.”
A Continued Pattern of Job Cuts
This latest announcement follows several previous rounds of layoffs across the state.
- Earlier in October, Wells Fargo revealed that 50 employees in its downtown Portland office would be laid off starting Nov. 28.
- In December 2024, the company announced plans to eliminate over 700 positions in Salem and Hillsboro.
- Back in July 2024, the bank said it would cut 95 roles in Hillsboro later in the fall.
These reductions are part of an ongoing effort to streamline operations and reduce costs as the bank continues to restructure amid economic pressures and shifts in the financial industry.
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Support and Benefits for Affected Workers
According to the WARN notice, employees affected by the December layoffs will continue receiving health coverage “for a period of time” and will be offered severance packages based on their years of service.
The company says it will also provide career transition services to help impacted workers find new employment opportunities.
Broader Industry Context
The banking industry has seen a wave of layoffs over the past year as financial institutions grapple with rising costs, interest rate changes, and digital transformation initiatives. Wells Fargo has been among several major banks — including Citigroup and JPMorgan Chase — to trim their workforce as part of restructuring efforts.
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