UPDATE 4-As loans and revenue shrink, Wells Fargo leans on cost cuts [Reuters]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: Reuters
As loans and revenue shrink, Wells Fargo leans on cost cuts (Reuters) - Wells Fargo & Co’s loan book shrank and revenue fell across all its major businesses last quarter, as the fourth-largest U.S. lender continued to work through the consequences of wayward sales practices at its consumer bank. Wells Fargo has struggled to regain its footing since sales abuses came to light in that business more than two years ago, when the bank said employees had opened millions of fake accounts in customers’ names without their permission. Management has since centralized risk controls, overhauled employee compensation and pushed a renewed focus on customer wellness to address underlying problems. Some of those changes are hurting revenue, executives acknowledged on Tuesday when discussing fourth-quarter results. For instance, the bank now sends customers real-time low balance alerts to protect them from overdraft fees. Wells Fargo is also experiencing cyclical pressure in mortgage lending, which w
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/23/24 - Form 8-K
- 4/23/24 - Form PX14A6G
- 4/23/24 - Form 424B2
- WFC's page on the SEC website