Story perspectives

Wells Fargo CFO Says AI Expansion Will Cut Jobs Further

By Drooid · Sep 16, 2026, 2:30 AM UTC · How we work

Summary

Story summary

Wells Fargo CFO Mike Santomassimo announced the bank will expand AI use to boost efficiency.
He delivered the remarks at the Barclays Global Financial Services Conference.
He said the company’s headcount has fallen for several quarters.
He noted AI already autonomously codes and runs in operations and call centers.
He warned AI will further cut headcount, though not permanently.

History

Historical Context

JPMorgan Chase’s AI push accelerated after its 2016 Quorum blockchain launch, building on the $25 billion TARP infusion it received in 2008. While the bank’s assets swelled to over $4 trillion during the 2018-2025 Federal Reserve cap on Wells Fargo, the firm and peers have turned to algorithms to cut routine work, drawing regulator focus.

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Story summary

Wells Fargo CFO Mike Santomassimo announced the bank will expand AI use to boost efficiency.
He delivered the remarks at the Barclays Global Financial Services Conference.
He said the company’s headcount has fallen for several quarters.
He noted AI already autonomously codes and runs in operations and call centers.
He warned AI will further cut headcount, though not permanently.

1 / 2