Wells Fargo (NYSE:WFC) is preparing to trim its staff next year and expects to incur increased severance expenses in the fourth quarter of 2025, CEO Charlie Scharf said on Tuesday.
Speaking at the Goldman Sachs Financial Services conference, Scharf outlined the bank’s emerging workforce strategy, noting that job cuts are planned for 2026. However, he did not specify how many employees may be affected or which areas of the business will see reductions.
The bank also anticipates elevated severance-related costs as it heads into the final quarter of this year, though Scharf did not provide estimates for the expected charges.