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"~Extraordinarily inefficient': Scharf's blunt assessment of Wells Fargo

Jan 15, 2020 - American Banker
Financial Results-Negative Financial Results

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...