Wells Fargo Lays Off More Than 700 Oregon Employees

Wells Fargo yesterday announced that it is laying off more than 700 Oregon employees.

Affects Workers in Hillsboro and Salem

The decision will cost the jobs of 500 employees in Hillsboro and a further 221 in Salem.

The announcement did not come as a surprise because the bank had said earlier in the year that it would be retracting from its offices in Hillsboro and Salem.

Hillsboro Branch is Hardest-Hit

The Hillsboro branch has been hard-hit as the bank consolidates and transfers its operations elsewhere, with 95 layoffs in July, following the loss of 316 workers in 2023.

The Salem offices are part of Wells Fargo’s global business operations – separate from bank branches.

Wells Fargo Says it is Committed to Supporting Displaced Employees

The Oregon bank employees were told about the layoffs on Tuesday in letters that stated that the bank ‘is committed to supporting our displaced employees…we will make every effort to minimize the impact and ease the transition.’

Wells Fargo said workers who do not transfer to other branches will receive severance pay and health insurance for an unspecified period.

Although hundreds of Oregonians have lost their jobs during the last 12 months following layoffs from key state industries, the unemployment rate is at a historically low 4%.

Oregon Job Growth Has Declined

According to state economists, the Oregon labor market remains buoyant despite the layoffs from anchor companies. They do, however, concede that job growth has declined.

Other key state industries that have cut their workforce in recent months are Intel, where 1,300 people employed at the Hillsboro campus lost their jobs, while 700 people at sportswear giant Nike in Beaverton were also shown the door.