Wells Fargo plans to cut additional $2 billion in costs

Markets Associated Press

Wells Fargo is planning an additional $2 billion in annual cost cuts as it recovers from a sales scandal last year.

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Wells Fargo has already announced that it would cut $2 billion in annual expenses by the end of next year. Most of those savings will come from consolidated operations and the closure of 450 branches.

Chief Financial Officer John Shrewsberry says another $2 billion in cuts will be made in 2019.

Executives with the San Francisco bank met with investors Thursday to discuss plans going forward.

The bank acknowledged last fall that employees opened as many as 2 million bank accounts without customer approval for the purpose of meeting unrealistic sales goals.