Wells Fargo CEO Says Bank Is Working on Cost Control

Wells Fargo CEO Says Bank Is Working on Cost Control

September 13, 2017         Written By Lynn Oldshue

Yesterday, Wells Fargo CEO Tim Sloan said the troubled bank is working on cost control as it attempts to recover from the fake account scandal of 2016.

At an industry conference, Sloan indicated Wells Fargo is trying to keep its expenses as low as possible, despite being fined millions of dollars for opening unauthorized checking and credit card accounts. Sloan did not comment on the total expenses the bank has incurred, but a second quarter financial disclosure showed these costs may reach $3.3 billion.

Right now, the bank is expecting an efficiency ratio of 60-61% for the second half of 2017. This is higher than the bank’s average ratio of 55-59%, but Sloan hopes to decrease that rate at some point next year.

The last month in particular has been a struggle for Wells Fargo. The bank has faced litigations and investigations for closing valid bank accounts, charging customers for unnecessary car insurance, charging unauthorized merchant credit card fees, and delaying mortgage approvals to charge penalty fees.



The information contained within this article was accurate as of September 13, 2017. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
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