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)