WS Chronicle

By Derwin Montgomery

The Winston-Salem Chronicle

Wells Fargo recently notified state officials it will lay off 112 employees at its corporate office in Raleigh, North Carolina, effective April 4, 2026. The cuts affect staff across support and loan-servicing roles, including positions in consumer banking, lending and technology. 

In a letter attached to the state notice, company representatives described the layoffs as difficult, emphasizing that affected workers will receive severance benefits and career transition assistance and may retain health benefits for an unspecified period. 

What This Means for Winston-Salem

This latest round of layoffs deepens an ongoing trend of contraction for Wells Fargo in North Carolina — and especially for Winston-Salem.

In June 2025, the bank filed a Worker Adjustment and Retraining Notification (WARN) that outlined plans to close a Wells Fargo office in downtown Winston-Salem and eliminate 194 jobs tied to technology, risk, and lending roles. 

Taken together:

• 112 jobs are being cut in Raleigh in 2026.  
• 194 jobs were eliminated in Winston-Salem in 2025.  

That totals 306 recent job losses across Wells Fargo operations in North Carolina — with roughly two-thirds of those losses tied to Winston-Salem.

Community and Economic Impact in Winston-Salem

The reduction of nearly 200 positions in Winston-Salem carries significant local stakes:

Downtown vitality:

Businesses in central Winston-Salem rely on daily foot traffic from corporate employees — from restaurants and shops to service providers. A large reduction in office employment can slow activity and strain smaller businesses. 

Tax base and local revenues:

Corporate employment contributes to downtown tax receipts and speeds economic growth through multiplier effects. Large layoffs or office closures can shrink that base, potentially affecting city services or investment capacity.

Regional perception:

Cutbacks at major institutions like Wells Fargo can feed broader narratives about shifts in financial sector investment away from legacy centers like the Piedmont Triad — even as new employers and industries grow.

Broader Corporate Context

The Raleigh layoffs follow years of staffing reductions at Wells Fargo nationally. Executives have publicly discussed efficiency initiatives — including adoption of newer technologies — as one factor shaping workforce decisions. 

North Carolina remains a significant market for Wells Fargo. The bank is among the state’s biggest employers, and its broader footprint includes branches, service operations and other corporate offices across major cities. 

What Comes Next

For Winston-Salem, the community and economic implications will continue to unfold. Residents and business owners may watch for:

• Local economic development responses — how city and county leaders support displaced workers and downtown businesses.
• Workforce transition efforts — availability of retraining programs and job placement support for affected employees.
• New investment signals — recruitment of new employers or expansion of existing firms in the Triad to make up job losses.