Wells Fargo & Co.’s WFC stock was down by 0.4% on Tuesday after the bank said it plans to book $750 million to nearly $1 billion in fourth-quarter severance costs. Chief Executive Charlie Scharf said at the Goldman Sachs U.S. Financial Services conference that the bank has seen turnover come down, which is leading to “more severance than we otherwise would have anticipated.” Scharf said the bank plans to take up to “a little less than $1 billion” in severance costs as it focuses on efficiency. “We’re going to have to be more aggressive about our own internal actions,” he said. “But again, we think that, that’s the right thing to do for the long term.”
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