BLUF: The CEO of Wells Fargo warns of significant, proactive expenses tied to layoffs, related to the upcoming Basel 3 regulations set to go into effect by July 2025, reshaping the banking landscape.
The CEO of Wells Fargo has issued a warning about significant expenses between $750 million and just under $1 billion due to worker layoffs, reflecting a proactive effort to manage headcount more efficiently in light of the upcoming Basel 3 regulations. These regulations are set to drive significant changes within the banking sector, leading to a wave of failures and industry consolidation. Banks like Wells Fargo are preparing for this by streamlining operations, restructuring, and adjusting to the anticipated shift in the industry’s landscape, with the deadline for Basel 3 set for July 2025.Source…