http://www.charlotteobserver.com/news/business/banking/article149900932.html
1 reply
So, let WF Hunger Games start...
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"consolidating duplicative processes" = LAYOFFS
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"automating manual processes" = Layoffs
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"outsourcing certain functions" = LAYOFFS
Wells Fargo said Thursday it plans to trim $2 billion in costs by the end of 2019, doubling a previous target as it remains under pressure to lower expenses in the wake of a sales scandal.
The San Francisco-based bank revealed the additional cost-cutting goal as part of an “investor day” event in which executives also outlined ways the company aims to boost revenue and roll out innovative new products.
Wells said it plans to wring costs from the nation’s No. 3 bank by assets through a variety of steps, including consolidating duplicative processes across lines of business, automating manual processes and outsourcing certain functions. Asked by the Observer about the possibility of job cuts, Wells would not provide any details.