Wells Fargo CEO Charlie Scharf said Tuesday that low staff turnover means the company will likely book a large severance expense in the fourth quarter.

“We have seen turnover come down and so because of that, we’re likely going to have some more severance than we otherwise would’ve anticipated,” Scharf said during a Goldman Sachs conference.

“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,” Scharf said.

That expense is an accrual for worker layoffs and relocations that Wells Fargo expects to make next year, according to a spokeswoman for the bank. Wells Fargo had 227,363 employees as of September.

Under previous leadership, employees had fanned out across the country. Now, Scharf wants them near one of the bank’s office hubs in San Francisco, New York, Minneapolis, St. Louis or Charlotte. If workers don’t opt to move, they may lose their roles, according to a person with knowledge of the situation.

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