Wells Fargo & Co. will permanently close its Salem operations center, eliminating 147 positions by the end of the year as part of a broad plan to streamline its nationwide footprint.
The bank said the closure will take effect Dec. 26, according to a notice filed under the federal Worker Adjustment and Retraining Notification (WARN) Act with Oregon’s Higher Education Coordinating Commission. Employees received 60 days’ notice, as required by federal law.
The facility, located at 355 Hawthorne Ave. SE, primarily houses roles in loan servicing, administrative support, and technology functions—jobs that don’t involve direct customer contact. Retail banking branches in the Salem area will remain open, Wells Fargo confirmed.
“These business decisions are never easy,” the company said in a written statement. “We are very thoughtful and deliberate in our approach, understanding the impact these decisions have on individuals at the company.”
The move marks the latest step in the bank’s effort to consolidate its operations into a smaller number of regional hubs. Wells Fargo has been reducing its national presence from more than 150 markets to just 13 primary centers as part of an efficiency and collaboration strategy first announced several years ago. The company said the restructuring is designed to better align with its post-pandemic operations and cost-reduction goals.
The Salem call center’s closure follows similar announcements for facilities in Hillsboro and Portland. Together, those actions signal the bank’s complete exit from its Oregon-based global operations by the end of 2025.
While Wells Fargo did not specify whether employees would be offered transfers to other offices, it said affected workers will receive severance based on tenure, continued health coverage for a limited period, and access to career-transition assistance and counseling services.
The company, one of the nation’s largest lenders, has spent recent years focusing on regulatory compliance and rebuilding its reputation after a series of scandals.Wells Fargo mentioned continuous efforts to streamline operations, update technological systems, and lessen overlapping functions across its business units in recent regulatory filings.
As technology has advanced and work patterns have changed, banks across the country have been rearranging their workforces and physical spaces. Automation and remote banking have reduced the need for some back-office jobs. Major closures, however, usually have local effects, particularly in smaller cities like Salem where financial services play a significant role in middle-class jobs.
The Oregon WARN filing indicates that the layoffs are permanent and that employees will not be recalled once the site shuts down. The state agency said it will coordinate with local workforce development programs to assist affected workers.
Founded in 1852, Wells Fargo operates through four major segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. The company, which manages roughly $2 trillion in assets, remains under multiple federal consent orders related to past consumer-abuse scandals that have led to billions of dollars in penalties and settlements.
Wells Fargo says it continues to focus on “supporting communities through philanthropy and employee volunteerism,” emphasizing housing affordability, financial health, and small-business growth as pillars of its corporate responsibility agenda.
The Salem closure adds to a string of recent cost-cutting measures by major U.S. banks responding to higher expenses, regulatory pressures, and the shift toward digital services. For the employees affected, the coming months will mean navigating an increasingly competitive job market just as the state’s unemployment rate hovers near pre-pandemic levels.
