Wells Fargo to Cut Additional $2 Billion in Expenses
May 11 2017 - 10:08AM
Dow Jones News
By Christina Rexrode
Wells Fargo & Co. said Thursday that it plans to cut an
additional $2 billion in expenses by the end of 2019, more than
analysts had expected.
The expense savings, to be announced at Wells Fargo's investor
day, come on top of the bank's January announcement to cut $2
billion in costs by the end of 2018.
Wells Fargo, which has been under pressure since its
sales-practices scandal last fall, said the cuts would bolster its
bottom line. The bank said it plans to consolidate "similar
operational activities" and automate more of its manual
processes.
The bank also said it would apply "industry best practices" to
its call centers and reduce physical facilities. Wells Fargo had
noninterest expenses of $52.4 billion last year.
Write to Christina Rexrode at christina.rexrode@wsj.com
(END) Dow Jones Newswires
May 11, 2017 09:53 ET (13:53 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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