PORTLAND, Ore. — Wells Fargo plans to eliminate potentially hundreds of jobs as it shifts operations from its sites in Portland, Hillsboro and Salem, according to a report in the Oregonian Thursday.
The cuts will come in the bank's global operations unit, which employs around 1,000 workers at the sites, according to the Oregonian. The offices will be consolidated to other Wells Fargo locations by the end of next year. A precise number of layoffs is unclear, but some employees will be offered the chance to relocate to other offices.
"We regularly review and adjust staffing levels to align with market conditions and the needs of our businesses," Wells Fargo told the Oregonian.
The news comes as other major corporate employers are cutting jobs in the Portland area, including Wells Fargo (NYSE: WFC). The bank said in July it would cut 95 jobs in global operations in Hillsboro. In August 2023, it revealed plans to lay off 316 workers there.
Wells Fargo has been on a long push to cut its workforce. The San Francisco Business Times reports that its global headcount was 222,544 in June, down from 225,869 at the end of 2023 and down from 233,834 in June 2023.
Other global corporations have also been laying off Portland-area workers this year. Intel, which is cutting 15% of its workforce, filed notice last week it would cut 1,300 jobs here. Nike, in the middle of a turnaround effort, plans to cut 740 jobs at its Beaverton headquarters. And software maker Salesforce is closing its Hillsboro offices, potentially laying off 150.
Wells Fargo was 29th on the Business Journal's list of largest employers in the Portland area, with more than 2,000 in 2023. It is the fourth-largest bank in the area, with metro deposits of $8.9 billion.