Wells Fargo to cut costs by another $2B

Wells Fargo to cut costs by another $2B

Wells Fargo & Co. has doubled its cost-cutting target after seeing expenses soar in the aftermath of a sales scandal that broke last fall. The company plans to reduce expenses by another $2 billion through the end of 2019, on top of a $2 billion cost-cutting target management previously announced. Wells Fargo also indicated Thursday that revenue growth is suffering from the scandal, which involved employees creating as many as 2.1 million unauthorized accounts.

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