Wells Fargo’s Stumpf Says Lender Focuses on Controlling Expenses
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Wells Fargo & Co., the biggest U.S. home lender, is concentrating on controlling expenses including the cost of bad mortgages, Chief Executive Officer John Stumpf said.
The bank “continued to focus on corporate-wide expense reductions,” according to a presentation by Stumpf today at a London investor conference sponsored by Barclays Plc. Non-interest expenses dropped 5 percent in the first quarter from the final three months of 2010, the presentation said.