Wells Fargo layoffs: US banking firm CEO says AI rollout next year; ‘We’ll likely have…’

Wells Fargo CEO Charlie Scharf has said that the US banking giant expects to reduce its workforce next year and expects higher severance expenses in the current fourth quarter. He added that artificial intelligence (AI) is set to redefine wok. Speaking on the sidelines of a Goldman Sachs financial services conference, Scharf stated that even before accounting for new technology, the bank expects to have fewer employees in the upcoming year.

“We have gone through the budgeting process, and even pre-artificial intelligence, we do expect to have less people as we go into next year.