Wells Fargo CEO discusses how the bank will be better off with a smaller home-mortgage business. phoenix $WFC
Wells Fargo told investors Friday 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.
“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.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Turnkey Phoenix home listed $5M - Phoenix Business JournalA $5 million home listed on the market is being sold complete with furnishings to flatware — just in time for a new owner to enjoy the Super Bowl and Waste Management Phoenix Open. Here's a peek into the home.
Read more »
Turnkey Phoenix home listed $5M - Phoenix Business JournalA $5 million home listed on the market is being sold complete with furnishings to flatware — just in time for a new owner to enjoy the Super Bowl and Waste Management Phoenix Open. Here's a peek into the home.
Read more »
Teen dead following crash in West Phoenix, police sayA teenager is dead, according to Phoenix Police, following a crash in West Phoenix.
Read more »
Sarah Hyland Reacts After Chris Harrison Says Wells Should Host 'Bachelor'Sarah Hyland is weighing in after former Bachelor host Chris Harrison confessed he hoped Wells Adams would follow in his footsteps. 🌹
Read more »
South Phoenix farmers market on track for late February openingPhoenix has approved a three-year permit for a farmers market to be held on a vacant tract in south Phoenix while development plans move forward.
Read more »
Deadly hit-and-run crashes reported in Goodyear, PhoenixGoodyear and Phoenix police are investigating two deadly hit-and-run crashes that happened overnight.
Read more »