Wells Fargo sees total expenses dropping by US$3 billion by 2020: CFO

Wells Fargo sees total expenses dropping by US$3 billion by 2020: CFO

Wells Fargo & Co's chief financial officer said on Friday the bank expects to reduce total expenses by about US$3 billion by 2020.

A Wells Fargo stagecoach is seen at the SIBOS banking and financial conference in Toronto
A Wells Fargo stagecoach is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

REUTERS: Wells Fargo & Co's chief financial officer said on Friday the bank expects to reduce total expenses by about US$3 billion by 2020.

Speaking at an industry conference, CFO John Shrewsberry said the bank was on track to reach its target of US$53.5 to US$54.5 billion by the end of 2018. He sees expenses in the range of US$50.0 billion to US$51.0 billion in 2020.

The outlook excludes remediation and penalty costs associated with the widespread regulatory and legal problems at the bank. For the current quarter, the company expects approximately US$200 million in costs from ongoing efforts to repay customers who were overcharged for various services.

(Reporting by Imani Moise; Editing by Jeffrey Benkoe)

Source: Reuters

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