“Wells Fargo CEO warns of severance costs of nearly $1 billion in fourth quarter as layoffs loom”
December 29, 2023
“Wells Fargo CEO Charlie Scharf said Tuesday that low staff turnover means the company will likely book a large severance expense in the fourth quarter.
“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,” Scharf told investors during a Goldman Sachs conference in New York…”
https://www.cnbc.com/2023/12/05/wells-fargo-ceo-warns-of-severance-costs-as-layoffs-loom.html