Are Wells Fargo layoffs in the news?

Wells Fargo (NYSE: WFC) layoffs are in the news Tuesday as investors react to the financial company revealing plans to reduce its workforce. According to a statement from Wells Fargo CEO Charlie Scharf, the company is planning to pay out severance costs between $750 million to $1 billion during its fiscal fourth quarter of 2023.

How many jobs did Wells Fargo layoff in 2023?

This strategic move follows earlier layoffs at Wells Fargo disclosed last month, totaling 11,300 jobs or 4.7% of its workforce in 2023. The company’s approach under Scharf’s leadership aims to maintain a workforce presence near its various hubs across the United States.

Is Wells fargo'more aggressive' about layoffs?

Wells Fargo is planning to be “more aggressive” about layoffs at the bank, and expects to have higher severance costs in the fourth quarter than initially expected, its CEO said. In September, Wells Fargo said additional layoffs and a decrease in office space were expected for the company. In recent years, tens of thousands of jobs were cut.