"~Extraordinarily inefficient': Scharf's blunt assessment of Wells Fargo
To anyone who doubted the magnitude of the challenges facing Wells Fargo's new CEO, the bank's fourth-quarter results offered an emphatic rejoinder.
Revenue fell by 5% from the same period a year earlier, and even apart from another massive accrual for anticipated litigation-related costs, noninterest expenses climbed by 5%. It added up to the San Francisco bank's lowest quarterly net income in more than nine years.
"You can see that a series of legacy issues meaningfully impacted ou...