Wells Fargo on Wednesday told state workforce officials it will lay off 500 workers in Hillsboro and 221 workers in Salem.
The bank previously said it will pull out of offices in Hillsboro, Portland and Salem in 2025 as it consolidates operations elsewhere.
“We continue to bring the majority of our non-customer facing positions together in locations best suited for our customers and our company,” a Wells Fargo spokesperson said in an email. “This effort does not impact our commitment to serving customers and clients; Bank branches and Wells Fargo Advisors branches will continue to meet customers’ and clients’ needs for the best service and advice.”
Wells Fargo ranks No. 4 in deposit market share among banks in Oregon with 12% of the state’s deposits, according to the latest data from the Federal Deposit Insurance Corp. It has 74 offices — including its retail bank branches — in the state.
The bank announced 95 layoffs in Hillsboro in July after cutting 316 workers in the Portland suburb in 2023.
It’s unclear what operations the bank housed at the impacted Hillsboro location.
The Salem office was part of the bank’s global operations business, which is separate from Wells Fargo bank branches, and supports consumer and commercial banking and other corporate functions.
Impacted workers at both locations were notified on Tuesday, according to letters the bank sent to state workforce officials. Workers who don’t transfer will get severance that includes a period of health insurance coverage.
“Wells Fargo is committed to supporting our displaced employees and provides severance, career assistance, and other services to assist them,” the bank said in the letter to workforce officials. “We will make every effort to minimize the impact and ease the transition for our affected employees.”
This story has been updated to include information about the Hillsboro layoffs, which were announced after the Salem layoffs.
– Matthew Kish covers business, including the sportswear and banking industries. Reach him at 503-221-4386, mkish@oregonian.com or @matthewkish.
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Source: oregonlive.com
