Wells Fargo to Cut Additional $2 Billion in Expenses

By Christina Rexrode Features Dow Jones Newswires

Wells Fargo & Co. said Thursday that it plans to cut an additional $2 billion in expenses by the end of 2019, more than analysts had expected.

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The expense savings, to be announced at Wells Fargo's investor day, come on top of the bank's January announcement to cut $2 billion in costs by the end of 2018.

Wells Fargo, which has been under pressure since its sales-practices scandal last fall, said the cuts would bolster its bottom line. The bank said it plans to consolidate "similar operational activities" and automate more of its manual processes.

The bank also said it would apply "industry best practices" to its call centers and reduce physical facilities. Wells Fargo had noninterest expenses of $52.4 billion last year.

Write to Christina Rexrode at christina.rexrode@wsj.com

(END) Dow Jones Newswires

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May 11, 2017 09:53 ET (13:53 GMT)