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Wells Fargo’s Scharf Vows to Cut $10 Billion in Costs After Loss

July 14, 2020, 4:21 PM

Wells Fargo & Co.’s chief has set his sights on the bank’s costs.

Charlie Scharf, who took over as chief executive officer late last year, said he will start cutting expenses in the second half of this year and aims to eventually trim at least $10 billion of costs. The company has too many management layers, and resources dedicated to activities that are not a priority, he said.

“This cannot continue,” Scharf said on a conference call with analysts Tuesday. “There’s no reason why as a management team we don’t have the ability to be as efficient as ...