Charles Scharf

Wells Fargo pledges to cut $8 billion in overhead. Is it enough?

01/15/21

CEO Charlie Scharf’s long-awaited expense-reduction plan got a chilly reception from investors.

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Wells Fargo’s $1.1 billion in charges slows pace of cost-cutting

01/15/21

Fourth-quarter results were hurt by restructuring and customer-remediation charges, but the release of credit-loss reserves and the sale of a student-lending business gave an unexpected boost to net income.

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Wells Fargo to expand investment bank as Scharf sets strategy

01/04/21

Inside Wells Fargo, managers say they intend to build a more commensurate presence on Wall Street, where the firm ranks a mere ninth in capital markets and deal advisory, by focusing on business lines and industries where it already has credibility.

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Wells Fargo set to be freed from AML consent order

12/21/20

The bank's release from a five-year-old enforcement action would mark progress in CEO Charlie Scharf's efforts to resolve its sprawling regulatory problems. But 10 more consent orders, including an asset cap imposed by the Federal Reserve in 2018, remain in place.

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Wells Fargo explores selling private-label card unit

11/12/20

Wells Fargo is exploring selling a unit offering store-branded credit cards as the bank chooses businesses to keep or break off in a broad strategic overhaul, according to people with knowledge of the matter.

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Wells Fargo exploring $1 billion-plus corporate-trust sale

10/26/20

Wells Fargo is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is considering whether to find a buyer for its student loan portfolio, according to people familiar with the matter.

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Wells Fargo faces growing pressure to slash costs

10/14/20

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

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Wells Fargo profit slumps on severance and remediation charges

10/14/20

The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges.

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