Wells Fargo informed state workforce officials on Wednesday that it would lay off 221 employees in Salem and 500 employees in Hillsboro.
As it consolidates its activities elsewhere, the bank previously stated that it would close its offices in Hillsboro, Portland, and Salem in 2025.
In an email, a Wells Fargo representative stated, “We continue to group most of our non-customer facing positions in areas that are most appropriate for our customers and our business.” Our dedication to provide the greatest service and guidance to customers and clients is unaffected by this endeavor; bank and Wells Fargo Advisors branches will continue to do so.
According to the most recent data from the Federal Deposit Insurance Corp., Wells Fargo has 12% of the deposits in Oregon, placing it fourth among banks in terms of deposit market share. Including its retail bank branches, it operates 74 offices around the state.
After laying off 316 employees in the Portland suburb in 2023, the bank announced 95 layoffs in Hillsboro in July.
What activities the bank carried out at the affected Hillsboro site is unknown.
The Salem office supported consumer and business banking as well as other corporate operations and was a part of the bank’s worldwide operations business, which is distinct from Wells Fargo bank branches.
The bank sent letters to state workforce officials on Tuesday informing affected employees at both locations. Employees who choose not to transfer will get severance pay, which will include health insurance for a certain amount of time.
The bank wrote to workforce officials, “Wells Fargo is committed to supporting our displaced employees and provides severance, career assistance, and other services to assist them.” For our impacted employees, we will do all in our power to lessen the effects and facilitate the transition.
The Hillsboro layoffs, which were announced subsequent to the Salem layoffs, have been added to this story.
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Matthew Kish covers business, notably the banking and sportswear sectors. You can reach him at @matthewkish, [email protected], or 503-221-4386.
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