'Like peeling an onion': Wells Fargo CEO talks ongoing efforts to reduce expenses

THE BUSINESS JOURNALS2021-10-15

Wells Fargo & Co. (NYSE: WFC) executives are pushing ahead with expense reductions as part of the bank's ongoing transformation effort. Non-interest expenses came to $13.3 billion in the third quarter...

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boonchek
2021-10-15
boonchek
Give a like
- Milkgonebad:
  ok
- Addie:
  like n comment pls
- EstherPang:
  [微笑]
- rogerl回复Addie:
  done
Adren
2021-10-15
Adren
Woi!
- boonchek:
  Ok

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(NYSE: WFC) executives are pushing ahead with expense reductions as part of the bank's ongoing transformation effort.\nNon-interest expenses came to $13.3 billion in the third quarter...</p>\n\n<a href=\"https://www.bizjournals.com/charlotte/news/2021/10/14/wells-fargo-more-on-q3-2021-earnings-report.html?ana=yahoo\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"WFC","symbol_name":"富国银行","start_time":0,"source_url":"https://www.bizjournals.com/charlotte/news/2021/10/14/wells-fargo-more-on-q3-2021-earnings-report.html?ana=yahoo","article_id":"1164808671","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1164808671","pubTimestamp":1634278563,"sourceInfo":{"source_id":"lsy1633760424806","name":"THE BUSINESS JOURNALS"},"weMediaInfo":null,"summary":"Wells Fargo & Co. (NYSE: WFC) executives are pushing ahead with expense reductions as part of the ba","collect":0,"end_time":0,"defaultTopTitle":"bizjournals.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"WFC":"富国银行"},"translate_title":"“就像剥洋葱一样”：富国银行首席执行长谈正在努力减少开支","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WFC":0.9},"content_text":"Wells Fargo & Co. (NYSE: WFC) executives are pushing ahead with expense reductions as part of the bank's ongoing transformation effort.\nNon-interest expenses came to $13.3 billion in the third quarter — a 13% drop compared to this time a year ago. They were slightly lower compared to the second quarter. Wells Fargo is projecting annual expenses of about $53.5 billion, excluding restructuring charges and costs to exit businesses.\nMany of the reductions are happening in Wells Fargo's branch network. It has shuttered 433 branches in the last year, including some in Charlotte, and reduced branch staff by 23%, CEOCharlie Scharftold investors today. The bank has also lowered salary-related expenses by 5% in the last nine months or so by cutting management layers and increasing expansion controls. Wells Fargo logged a 16% decline in costs for consultants and contractors, he said.\nSan Francisco-based Wells Fargo's overall employee headcount stands at 254,000, a net reduction of more than 20,000 people in the last year. It employs about 27,000 people in Charlotte.\nThe cuts are far from over. Scharf said he sees enough opportunity to pursue more efficient operations for \"quite some time.\"\n\"We still have just tremendous excess expenses across the company. You can see it in headcount. You can see it in efficiency ratios across the businesses. What I've found here is the same thing I think that (CFOMike Santomassimo) and I have seen at a lot of other places, which is it's like peeling an onion back. You think you see what's incredibly clear. Once you actually get rid of those inefficiencies, you then start to see the next level,\" Scharf told Piper Sandler analyst Scott Siefers.\nScharf said Wells Fargo is not assuming any efficiencies in resolving its regulatory issues — that's not even an option to consider.\nDespite the challenges, Wells Fargo posted a 59% profit increase in this morning's third-quarter earnings results. It reported net income of $5.12 billion, or $1.17 per diluted share, in the third quarter. Quarterly revenue decreased 2.5% year over year to $18.83 billion. Results factored in a $1.65 billion decrease in allowance for credit losses and a $250 million regulatory penalty related to mortgage servicing practices.\nWells Fargo's regulatory issues stem from a 2016 fake-accounts scandal, which uncovered as many as 3.5 million accounts created without customers' knowledge. Further legal and regulatory scrutiny has revealed problems throughout Wells Fargo's business lines. Scharf was brought on in late 2019 to revamp the bank's structure and risk management procedures. He has since made sweeping changes, including in his leadership team.\nThe bank continues to operate under an asset cap, but executives say there is significant room for loan growth. Wells Fargo's average loans decreased by about 8% year over year to $854.02 billion, with consumer and commercial loans staying mostly flat compared to the second quarter.\nThe asset cap constrains what Wells Fargo can hold on the deposit side. It has not limited consumer deposits, even as balances ballooned during the pandemic. There are multiple options to remain within the cap, including reducing securities, but executives don't see that becoming necessary, Santomassimo told the Charlotte Business Journal on a media call.\nSantomassimo said Wells Fargo has roughly $200 billion of cash sitting at the Federal Reserve before getting to other parts of the balance sheet.\n\"Everyone focuses on the asset cap, and I understand all the reasons for that, for sure,\" Scharf said, responding to Deutsche Bank analystMatt O'Connor. \"The reality is the asset cap embedded in the Fed consent order is one very important order, but we still have other consent orders with other agencies, which are still extraordinarily important. We have other inquiries that are in progress.\"","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":824384269,"gmtCreate":1634279994431,"gmtModify":1634279995660,"author":{"id":"3582036219515358","authorId":"3582036219515358","authorIdStr":"3582036219515358","name":"boonchek","avatar":"https://static.tigerbbs.com/c615abbfde8feafcbdd8e88179f1e152","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582036219515358"},"htmlText":"Give a like&nbsp;","listText":"Give a like&nbsp;","text":"Give a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/824384269","repostId":1164808671,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6208451,"gmtCreate":1634280798421,"gmtModify":1634634997136,"authorId":3576484544353713,"author":{"id":3576484544353713,"authorId":3576484544353713,"name":"Milkgonebad","avatar":"https://static.tigerbbs.com/13596b6d0ccd5ec5f1323ca987d7ae85","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":824384269,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"},{"id":6208497,"gmtCreate":1634281654529,"gmtModify":1634634993768,"authorId":3570015338387280,"author":{"id":3570015338387280,"authorId":3570015338387280,"name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":824384269,"type":1,"supId":6208451,"prevId":0,"content":"like n comment pls","text":"like n comment pls","html":"like n comment pls"},{"id":6210989,"gmtCreate":1634298390005,"gmtModify":1634634817200,"authorId":3576365817943823,"author":{"id":3576365817943823,"authorId":3576365817943823,"name":"EstherPang","avatar":"https://static.tigerbbs.com/8990239e19377757a2b24cf2333a310d","vip":1,"currentWearingBadge":{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.53%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":824384269,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"},{"id":6225613,"gmtCreate":1634434164483,"gmtModify":1634633631665,"authorId":3572005079747641,"author":{"id":3572005079747641,"authorId":3572005079747641,"name":"rogerl","avatar":"https://static.tigerbbs.com/70a75678cb06207361b08aa8e42a9ecd","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3570015338387280,"repliedAuthor":{"id":3570015338387280,"authorId":3570015338387280,"name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":824384269,"type":1,"supId":6208451,"prevId":6208497,"content":"done","text":"done","html":"done"}],"langContent":"CN"},{"id":824315674,"gmtCreate":1634278901532,"gmtModify":1634278901632,"author":{"id":"3585523380475263","authorId":"3585523380475263","authorIdStr":"3585523380475263","name":"Adren","avatar":"https://static.tigerbbs.com/0aadde2926bded6d94841939400c4029","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3585523380475263"},"htmlText":"Woi!","listText":"Woi!","text":"Woi!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/824315674","repostId":1164808671,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6208374,"gmtCreate":1634279963104,"gmtModify":1634635003123,"authorId":3582036219515358,"author":{"id":3582036219515358,"authorId":3582036219515358,"name":"boonchek","avatar":"https://static.tigerbbs.com/c615abbfde8feafcbdd8e88179f1e152","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":824315674,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":15,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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