Wells Fargo CEO Charlie Scharf Expects Company Headcount to Decline; Partly Caused by AI

MT Newswires Live12-09

Wells Fargo (WFC) Chief Executive Charlie Scharf said Tuesday he expects the company's headcount to decline partly due to the use of AI technology, according to a FactSet transcript of his remarks at a Goldman Sachs financial services event.

"When we think about just, you know, overall levels of efficiency, just want to remind people just to follow us on a quarter to quarter basis as we've gone through the budgeting process and, you know, pre-AI, you know, we do expect to have, you know, less people as we go into next year," Scharf said at a Goldman Sachs financial services event.

Scharf said Wells Fargo will have "more severance in the fourth quarter than we've had in the first part of the year" as the company plans for a lower cost base.

AI is an "opportunity to drive significant increases in efficiency and what it's going to do potentially to head count, it is extremely significant," Scharf said said at the event.

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