Wells Fargo CEO warns of severance costs of nearly $1 billion in fourth quarter as layoffs loom
Publishing timestamp: 2023-12-05 11:56:48
Summary
Wells Fargo CEO Charlie Scharf announced that the company is expecting to book a large severance expense in the fourth quarter due to low staff turnover. The expense is an accrual for worker layoffs that the company plans to make next year. Scharf emphasized the need for the company to become more efficient and manage headcount more aggressively. The article also mentions that the banking industry has been cutting jobs due to various challenges. Wells Fargo has already laid off a significant number of employees this year and is looking to further streamline its operations.
Sentiment: NEGATIVE
Keywords: investment strategy, goldman sachs group inc, breaking news: investing, banks, economy, morgan stanley, layoffs, business, breaking news: economy, breaking news: markets, business news, wells fargo & co,
Source: https://www.cnbc.com/2023/12/05/wells-fargo-ceo-warns-of-severance-costs-as-layoffs-loom.html