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Wells Fargo’s Scharf Vows to Cut $10 Billion in Costs After Loss

Charles Scharf

Charles Scharf

Photographer: Andrew Harrer/Bloomberg

Wells Fargo & Co.’s chief has set his sights on the bank’s costs.

Charlie Scharf, who took over as chief executive officer late last year, said he will start cutting expenses in the second half of this year and aims to eventually trim at least $10 billion of costs. The company has too many management layers, and resources dedicated to activities that are not a priority, he said.