A Wells Fargo branch in the Midtown Manhattan neighborhood of New York City. Wells Fargo Chief Executive Charlie Scharf previously said in the firm's July earnings call that the bank was estimating it needed to cut expenses by more than $10 billion in order to bring its profit margins down closer to those of its peers, and though he didn't commit to that figure, Scharf did say Wells Fargo would work to bring its expenses down. Wells Fargo stock is up nearly 3% on Wednesday, outpacing broader market gains but still down more than 53% for the year. The S&P Banks Select Industry Index is down more than 30% this year, while the Dow Jones U.S. Banks Index has plunged nearly 35%. That's the amount of planned staff reductions currently planned by banks across the world, Bloomberg noted in its Wednesday report.

Source: Forbes October 07, 2020 15:22 UTC