Wells Fargo CEO Charlie Scharf aims to cut billions in expenses in 2023 - Dallas Business Journal

  • 📰 DallasBizNews
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

“We still have higher headcount and higher expenses than people who are more complex than us.”

Wells Fargo & Co., one of the Milwaukee area's largest banks, told investors Jan. 13 that it expects to cut expenses by an additional $3.2 billion this year after already trimming about $7.5 billion over the past two years. Charlie Scharf

“But there’s a lot more beyond that. That’s the work that we’re doing to peel that back piece by piece by piece,” Scharf said. “We still have a huge amount of manual processes inside the company. We have duplicate systems.” “We’re not going to spend under any environment at all costs. That’s not the way we’re thinking about it,” Scharf said. “If we don’t see net improvements in performance of the company, we’ve got the ability to ratchet back the discretionary spend, so that we do continue to see improved performance.

“We’re not interested in running and having a business which is focused on a standalone mortgage product,” Scharf told investors Friday. “We very much appreciate the importance of mortgage to the consumer base. We’re going to continue to stay in the business, but we’re going to view it as part of the importance in the broader relationship.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 525. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wells Fargo CEO Charlie Scharf aims to cut billions in expenses in 2023 - Phoenix Business JournalThe San Francisco bank — which is the second-largest in the Phoenix metro — still has higher headcount and expenses than rivals with more complex operations, the CEO said.
Source: phxbizjournal - 🏆 254. / 63 Read more »