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Wells Fargo to Cut Further $2bn

 1 min read / 

Wells Fargo has announced plans to cut another $2bn in costs by the end of 2019, adding to its existing $2bn planned reductions.#

Editor’s Remarks: Cuts of some sort have long been expected as the US bank still struggles to pick up its returns in the aftermath of its fake customer accounts scandal, which has seen a major shift in management – but there are concerns the eye-watering $2bn added to its cost-cutting plan might not be enough. Analysts expected up to $3bn, leading Wells’ shares to drop 2.6% in early trading yesterday. Wells can expect its returns on equity and assets to be dragged down in the coming months, possibly below its targeted ranges.

##What to Watch: Wells Fargo, Bank of America, JPMorgan, Goldman Sachs

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