The Abridged version:
- Wells Fargo announced that it will be laying off 114 employees from its offices on Butano Drive in February.
- The cuts will mostly affect product support and customer service employees.
- Employees were notified on Tuesday.
More than 100 Wells Fargo employees in Sacramento will lose their jobs come February.
In a notice sent to Sacramento Mayor Kevin McCarty’s office and the California Employment Development Department on Tuesday, the company said it will eliminate 114 jobs on Feb. 6. The cuts will scale back operations at the company’s office on Butano Drive, which houses the chief operating office and the consumer, small and business banking units.
The heaviest losses will come in product support and customer service.
According to the notice, all affected employees were notified on Tuesday with “displacement packets.” They will receive severance pay based on how long they have worked at the company.
The California and Federal Worker Adjustment and Retraining Notification Acts require companies to provide notice to employees, the chief elected local official and the agency charged with workforce development 60 days before the layoff.
“These business decisions are never easy,” Cristina L. Stokes, Business Execution Consultant, wrote in the letter. “We are very thoughtful and deliberate in our approach, understanding the impact these decisions have on individuals at the company.”
The job cuts in Sacramento come as Wells Fargo plans more companywide layoffs going into 2026. Also on Tuesday, Reuters reported Wells Fargo CEO Charlie Scharf said the company would gradually roll out AI next year, and that the bank was not yet as efficient as it would be with AI.
Daniel Hennessy is a reporter joining Abridged from the California Local News Fellowship.