Wells Fargo Shares Rise as Bank’s Cost-Cutting Efforts Take Hold

Wells Fargo & Co.’s expenses dropped 12% in the fourth quarter as Chief Executive Officer Charlie Scharf continues to whittle headcount as part of broader efforts to slash costs and remake the bank. The company’s shares rose.

Non-interest expenses came in at $13.9 billion for the last three months of 2024 even as the bank took a $647 million severance charge. Net interest income, which beat estimates in the quarter, are expected by the San Francisco-based company to rise 1% to 3% this year, a bigger increase than analysts are forecasting.