Wells Fargo CEO Foresees Nearly $1 Billion in Severance Costs Amid Impending Layoffs

Wells Fargo CEO Charlie Scharf has warned that the company may incur severance costs of nearly $1 billion in the fourth quarter due to lower staff turnover. The expense is an accrual for worker layoffs and relocations that the bank expects to make next year as part of its focus on efficiency. Scharf wants employees to be located near one of the bank's office hubs, and those who choose not to move may risk losing their roles.