Reported about 7 hours ago
Wells Fargo & Co. has incurred a $647 million severance charge in the fourth quarter as CEO Charlie Scharf reduces headcount to streamline operations and reduce costs. The bank's non-interest expenses dropped 12% year-on-year to $13.9 billion, while net interest income is projected to rise by up to 3% this year. Despite being under a Federal Reserve-imposed asset cap, the bank reported total assets of $1.93 trillion and is focusing on improving efficiency, with an expected $54.2 billion in non-interest expenses for 2025.
Source: YAHOO