Wells Fargo Doubles Cost Slashing as Scandal Spurs Tech Push
- Bank says it will eliminate $4 billion of expenses by 2019
- Management abandons longstanding target for effieciency ratio
This article is for subscribers only.
Wells Fargo & Co., unable to maintain a longstanding profitability target after a scandal in the bank’s branches stained its brand, doubled a cost-cutting program and said it will plow some of the money into technology to replace an aggressive sales culture.
“Operating at this level is completely unacceptable,” Chief Executive Officer Tim Sloan said Thursday as executives began Investor Day presentations in San Francisco. “We are committed to improving our efficiency while we continue to invest in our business for the long term.”