The straightforward parts of that plan will involve cost-cutting via branch closures and consolidation, as well as job cuts that could hit tens of thousands of workers when all is said and done. I am sure Scharf is a very capable cost cutter. "A big piece of it will ultimately be people because such a large part of our expense structure is personnel," Shrewsberry said. Cumulative Growth of a $10,000 Investment in Stock Advisor, Inside Wells Fargo's Plan to Cut $10 Billion in Expenses @themotleyfool #stocks $WFC $BAC $C $JPM $MS, Forget Snowflake: 3 Buffett Stocks to Buy Instead, JPMorgan Has Grown Deposits Faster Than Any Large Retail Bank, The Fed Unveils Details About 2nd Round of Bank Stress Tests, Bank of America's Credit Quality Continues to Stand Out, Copyright, Trademark and Patent Information. After all, in the earlier part of his career, he worked closely with JPMorgan's CEO Jamie Dimon, who made a name for himself as a cost cutter by going into banks and trimming everything from corporate country club memberships to newspaper subscriptions. Most stock quote data provided by BATS. That means Wells Fargo's financial problems will ultimately punish employees. Disclaimer. Please sign on again. Second-quarter earnings results for Wells Fargo were a huge disappointment for the bank, which reported a loss of $2.4 billion and trimmed its common dividend by about 80%. Bank online confidently. “Preferred” listings, or those with featured website buttons, indicate YP advertisers who directly provide information about their businesses to help consumers make more informed buying decisions. Dr. Linda Marie Green, DO Physicians & Surgeons Detroit, Comprehensive Medical Group Physicians & Surgeons Flint, Jersey Behavioral Care Physicians & Surgeons Union, Brian Brazzo MD Physicians & Surgeons Forest Hills. Manos, John E, MD Physicians & Surgeons Akron, Dr. Sanjay Y Sheth, MD Physicians & Surgeons Niles. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Wells Fargo has focused on these issues by revamping its corporate risk operation, including by hiring external executives. Returns as of 10/06/2020. Fed chair Jerome Powell has been highly critical of Wells Fargo. But CEO Charlie Scharf left analysts and investors with one bright spot: The bank is looking to cut annual expenses to the tune of $10 billion. Wells Fargo , the largest U.S. bank by number of employees, has resumed cutting thousands of workers from its payroll, a process that it had … David D Coster MD Physicians & Surgeons Grinnell, Patrick C Chua, MD - Chua Patrick C MD Physicians & Surgeons Des Moines. One of the largest U.S banks, Wells Fargo had more than 240,000 employees at the end of the second quarter. Why is the stock market soaring? It has been widely documented that the bank needs and plans to invest much more heavily in technology. Wells Fargo Advisors is one of the nation's premier financial services firms,…, From Business: What's It Like to Be With Wells Fargo Advisors? Find 80 listings related to Wells Fargo Bank in Lansing on YP.com. Scharf acknowledged these "constraints" have limited the bank's ability to offset the pain of low rates. It's a hard reality, but as digital banking trends accelerate, it simply won't make sense to have the same number of employees. Prior to The Motley Fool, he wrote about and covered community and regional banks in New England for The Warren Group. JPMorgan's, on the other hand, dipped only 4%. With Wells Fargo Online® Banking, access your checking, savings and other accounts, pay bills online, monitor spending & more.

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