Wells Fargo to lay off nearly 200 employees in Winston-Salem

Wells Fargo recently notified the city of Winston-Salem in a letter that it's closing its business units downtown and laying off nearly 200 workers.

Affected offices include those focused on technology, risk, and lending. Employees began receiving 60-day notices incrementally in April.

"This effort does not impact our commitment to serving customers and clients in the Winston-Salem area," a representative for Wells Fargo said in an emailed statement. "Customer-facing employees will continue to meet local customers’ and clients’ needs for the best service and advice.”

North Carolina State University economist Mike Walden says downtowns have become unstable business environments since the COVID-19 pandemic.

"If you have fewer workers working downtown, if you have fewer people going to shops and stores and restaurants downtown, that obviously detracts from the downtown economy," he says.

Walden says tariff and interest rate uncertainties are broader factors that could also push companies to reduce staff. He says the layoffs shouldn't lead people to believe the Piedmont Triad's economic health is bad, though, with recent economic investments in the area like JetZero and the Toyota Battery plant.

Wells Fargo has announced layoffs in the past few months in several locations across the country as part of its cost-cutting plans.