Inside Wells Fargo's Plan to Cut $10 Billion in Expenses
Second-quarter earnings results for Wells Fargo were a huge disappointment for the bank, which reported a loss of $2.4 billion and trimmed its common dividend by about 80%. But CEO Charlie Scharf left analysts and investors with one bright spot: The bank is looking to cut annual expenses to the tune of $10 billion.
Wells Fargo has long lagged its peers in terms of expense management, and with revenue likely to be limited going forward because of the low-rate environment and the asset cap Wells Fargo is currently operating under, lowering expenses is one way the bank can take control of its own destiny.
Image source: Wells Fargo.
Source Fool.com
