Wells Fargo plans more job cuts as it phases in AI across operations from 2026

Summary

Wells Fargo CEO Charlie Scharf said the bank expects further workforce reductions and higher severance costs in the current quarter, and that artificial intelligence will increasingly change how the bank operates. Speaking at a financial services conference, he noted that even before AI, the bank anticipated having fewer employees next year, and that AI-driven efficiencies will arrive gradually over 2026 and beyond rather than in a single wave.