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.
