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Wells Fargo"s new chief pledges more cost cuts as profit slumps

Wells Fargo & Co's profit slumped 55% in the fourth quarter as new boss Charles Scharf set aside another $1.5 billion for legal costs related to the bank's sales scandal and promised "fundamental changes.".....»»

Category: topSource: reutersJan 14th, 2020

Wells Fargo"s new chief promises more change as profit slumps

Wells Fargo & Co's profit slumped 55% in the fourth quarter as new boss Charles Scharf set aside another $1.5 billion for legal costs related to the bank's sales scandal and promised "fundamental changes"......»»

Category: topSource: reutersJan 14th, 2020

Wells Fargo profit slumps ahead of new CEO’s takeover

Last month, the bank named former Bank of New York Mellon CEO Charles Scharf as its new chief executive and president. .....»»

Category: topSource: foxnewsOct 15th, 2019

Wells Fargo cuts net interest income outlook, sending shares lower

Wells Fargo & Co's aggressive cost cutting helped boost its quarterly profit, but shares in the lender fell after it dialed back its outlook for how much net interest income it would bring in this year......»»

Category: topSource: reutersApr 12th, 2019

Wells Fargo"s cost cuts fuel profit rise, but deposits fall

Wells Fargo & Co reported a 16.4 percent jump in quarterly profit on Friday, as the lender reaped the benefits of aggressive cost cutting......»»

Category: topSource: reutersApr 12th, 2019

Wells Fargo"s quarterly profit rises 16 percent as cost cuts pay off

Wells Fargo & Co reported a 16.4 percent jump in quarterly profit on Friday, as the lender reaped the benefits of its aggressive cost-cutting efforts......»»

Category: topSource: reutersApr 12th, 2019

Wells Fargo profit rises, cost cuts paying off

Wells Fargo & Co posted a 32 percent jump in quarterly profit on Friday, as the bank gave out more personal and automobile loans, and made headway in its cost-cutting plan......»»

Category: topSource: reutersOct 12th, 2018

Wells Fargo quarterly profit slumps as legal costs mount

Wells Fargo & Co reported a 55% slump in fourth-quarter profit on Tuesday, as the fallout from a sales scandal that erupted in 2016 drove the bank to set aside another $1.5 billion toward legal expenses......»»

Category: topSource: reutersJan 14th, 2020

Wells Fargo profit slumps 26% on legal costs

Wells Fargo & Co reported a 26% slump in quarterly profit on Tuesday, as mortgage income sank and it braced for additional legal expenses tied to a sales practices scandal that erupted more than three years ago......»»

Category: topSource: reutersOct 15th, 2019

Wells Fargo quarterly profit slumps 26% on legal costs

Wells Fargo & Co reported a 26% fall in quarterly profit on Tuesday, as the lender braced for additional legal expenses tied to a sales practices scandal that erupted more than three years ago......»»

Category: topSource: reutersOct 15th, 2019

Market upset Fed didn"t signal more rate cuts: Former Wells Fargo chief economist

Former Wells Fargo Chief Economist John Silvia said the market is disappointed after Fed Chair Jerome Powell's press conference......»»

Category: topSource: foxnewsJul 31st, 2019

Wells Fargo tempers cost-cutting outlook

Wells Fargo & Co reported higher quarterly earnings on Tuesday, due in part to lower expenses, but the bank reined in its outlook for cost cuts to invest in improving its risk management......»»

Category: topSource: reutersJul 16th, 2019

Wells Fargo profit beats estimates on cost controls, loans

Wells Fargo profit beats estimates on cost controls, rise in loans.....»»

Category: topSource: moneycentralJul 16th, 2019

Wells Fargo posts higher profit on cost controls, rise in loans

Wells Fargo & Co reported higher quarterly profit on Tuesday despite flat revenue as the bank benefited from lower costs......»»

Category: topSource: reutersJul 16th, 2019

Wells Fargo profit beats estimates on cost controls, rise in loans

Wells Fargo & Co beat analysts' estimates for quarterly profit on Tuesday, as the fourth-largest U.S. bank benefited from an uptick in lending and aggressive cost cutting......»»

Category: topSource: reutersJul 16th, 2019

Wells Fargo"s interest income outlook spooks investors

Wells Fargo & Co's aggressive cost cutting helped boost its quarterly profit, but shares in the lender fell 3 percent on Friday after it dialed back its forecast for how much net interest income it would bring in this year......»»

Category: topSource: reutersApr 12th, 2019

In One Chart: Why the oil rally is more about U.S. shale than Saudi Arabia’s output cuts

With the U.S. now the world’s marginal producer of oil, the cost of producing that crude now plays a major role in setting global oil prices, notes Wells Fargo Investment Institute......»»

Category: topSource: marketwatchApr 4th, 2019

Wells Fargo profit up, faces possible $1 billion settlement

Wells Fargo's profit jumped 6 percent during the first quarter, but that may be revised following an offer by federal regulators to settle a host of investigations into the consumer banking giant at a cost of $1 billion......»»

Category: topSource: foxnewsApr 13th, 2018

Wells Fargo on track for $4 billion in cost cuts

Wells Fargo on Thursday said it expects efficiency efforts to cut expenses by $2 billion annually in 2018 and 2019 and that the after-tax impact on net income of a regulatory cap on its assets will be less than $100 million in 2018......»»

Category: topSource: moneycentralMay 10th, 2018

Wells Fargo on track for $4 billion in cost cuts

Wells Fargo on Thursday said it expects efficiency efforts to cut expenses by $2 billion annually in 2018 and 2019 and that the after-tax impact on net income of a regulatory cap on its assets will be less than $100 million in 2018......»»

Category: topSource: moneycentralMay 10th, 2018

As loans and revenue shrink, Wells Fargo touts cost cuts

Wells Fargo & Co on Tuesday said its loan book shrank and quarterly revenue fell in all of its major businesses, especially consumer banking, sending its shares lower......»»

Category: topSource: reutersJan 15th, 2019