U.S. financial services company Wells Fargo is expected to run up high severance expenses during its fourth financial quarter, Wells Fargo CEO Charlie Scharf said Tuesday.
The fees will come as Wells Fargo’s low staff turnover will force the company to make “more aggressive” layoffs in the near future.
“We’re looking at something like $750 million to a little less than a billion dollars of severance in the fourth quarter that we weren’t anticipating, just because we want to continue to focus on efficiency,” said Scharf.
Wells Fargo has already cut 11,300 jobs, or 4.7% of its staff, in 2023 thus far.
