Scandal has kept Wells Fargo in the headlines. But underneath the bank’s attention-grabbing problems, it is dealing with more mundane challenges.
Wells Fargo & Co.’s reputation has languished over the past 2½ years. Its key businesses aren’t doing much better.
The bank’s 2016 sales practices scandal has turned into a morass of regulatory problems that claimed the jobs of two CEOs and won’t go away. Behind the scenes, the bank’s business lines are also struggling. What was once an aggressive, fast-growing lender whose profits towered above those of rivals has become a firm with declining revenues that is leaning heavily on cost cuts.
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