Wells Fargo targets $8 billion in cuts
Beleaguered bank also confirms asset-management among units on chopping block
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Wells Fargo is aggressively targeting $8 billion in cost savings, to include job cuts and other organizational streamlining efforts, over the next three to four years, the company said Friday in its fourth quarter earnings call.
The bank's cost-cutting target does not include announced plans to exit several areas — its private student loan business, international wealth management and direct equipment finance in Canada — which are not core to the firm's mission, President and CEO Charles W. Scharf said during the earnings call.
Wells Fargo is also exploring options to exit its asset management and corporate trust businesses, as well as its rail leasing portfolio, which would not be included in the $8 billion cost-cutting measure, Mr. Scharf said.