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Severance Costs

All articles tagged with #severance costs

business2 years ago•1 min saved

Wells Fargo CEO Anticipates $1B Severance Costs and Job Cuts

Wells Fargo CEO Charles Scharf warned that severance costs this quarter could reach nearly $1 billion as the bank prepares for additional layoffs. The bank has already fired around 11,300 employees this year, but Scharf acknowledged the need to be more aggressive in reducing headcount. Other banks, including Morgan Stanley and Goldman Sachs, are also facing similar challenges and have already cut thousands of jobs. Scharf believes that while cost-cutting measures are necessary, both consumers and businesses will remain strong, and the overall economy is heading towards a "soft landing."

via New York Post |

#business #efficiency #headcount-reduction

business2 years ago•0 min saved

Wells Fargo braces for significant severance expenses, potentially exceeding $1 billion

Wells Fargo has set aside up to $1 billion to cover potential "unanticipated" severance costs, as the bank continues to navigate the challenges of the pandemic and its impact on the economy. The move reflects the bank's proactive approach to financial planning and managing unexpected expenses in the current uncertain environment.

via Financial Times|

#business #corporate-expenses #financial-planning

business2 years ago•1 min saved

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.

via CNBC|

#business #ceo #efficiency