Wells Fargo CEO Charlie Scharf said on CNBC that AI-driven automation will eliminate tens of thousands of additional positions at the bank, separate from the 79,000 headcount reduction already achieved since he took over. The bank posted second-quarter diluted earnings per share of $2.00, up 25% year over year, while headcount fell 7% to 197,000 employees. Scharf warned that AI productivity gains will hit corporate earnings quickly, but worker retraining and new job creation will lag, creating a timing mismatch that poses a macro risk. Despite the job cuts, he pointed to internal data showing credit card spend up 10%, debit card spend up 7%, and delinquencies falling, with about 70% of the spending increase coming from mass-market customers, indicating the American consumer remains strong.
Wells Fargo & CompanyCEO says AI will cut tens of thousands more jobs, reducing headcount further.
NVIDIA Corporation