DENVER BUSINESS JOURNAL - Under pressure to cut costs, Wells Fargo & Co. says it plans to reduce expenses by an additional $2 billion by the end of 2019.
That is on top of a previously announced $2 billion in cuts at Colorado's largest bank by the end of 2018.
Analysts have been pushing the San Francisco-based bank (NYSE: WFC) on expenses following its "cross selling" fake accounts scandal that erupted last September. Regulators fined the bank $185 million last September after they found employees had opened up to 2 million unauthorized accounts to meet sales goals.
The company spent close to $80 million in the first quarter on expenses related to sales practices, including legal and consultant costs. That's up from about $50 million spent on third-party services before the scandal.
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