RALEIGH – Wells Fargo, which employs thousands of people across North Carolina, is expecting to make layoffs in 2024, its CEO saying Tuesday that the company may set aside $750 million or more for severance costs.

“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,” Charlie Scharf told investors during a conference in New York, according to CNBC.

Low employee turnover was cited as a reason for the move, CNBC reported.

A bank spokesperson told CNBC that the money is an accrual for worker layoffs next year but declined to say how many layoffs might be made.

Read the full story on line sat CNBC.