Wells Fargo CEO announces AI will drive job cuts as bank pursues efficiency gains
Wells Fargo CEO Charlie Scharf confirmed AI will lead to more job cuts as the bank rolls out generative AI tools in 2026. The company has already reduced its workforce from 275,000 to 210,000 since 2019, cutting $15 billion in costs. Engineering teams using Gen AI tools are now 30-35% more efficient at writing code, signaling what's ahead for compliance, call centers, and other divisions.