We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Wells Fargo to Trim Headcount by 5-10% Over Three Years
Read MoreHide Full Article
Wells Fargo & Company’s (WFC - Free Report) CEO Tim Sloan, in a bi-monthly meeting held on Thursday, said that the company plans to reduce its workforce by 5-10% in the next three years, as it seeks to transform itself into a more efficient and customer-oriented firm.
Though the move is likely to impact about 13000-26000 jobs, per the headcount disclosed in the latest quarterly filing, it would lend support to the company from rising costs due to involvement in several legal hassles.
The company states that changing customer preferences to digital modes of banking should be accounted for the layoffs. Also, it said that this reduction is likely to reflect displacements as well as normal team member attrition over the period.
During the meeting, Sloan was positive on the progress the Wall Street Biggie has made so far by streamlining operations, improving risk control methods and offloading of unprofitable business.
Moreover, he noted that Wells Fargo will remain focused on enhancing customers’ experience by prioritizing spending to deliver client expectations and enhancing existing and introducing new products.
He said, “We are continuing to transform Wells Fargo to deliver what customers want – including innovative, customer-friendly products and services – and evolving our business model to meet those needs in a more streamlined and efficient manner.”
Wells Fargo continues to face the challenges that Federal Reserve had imposed earlier this year by limiting its asset growth along with persistent legal costs. However, its efforts to move past previous wrongdoings and regain its lost reputation seem encouraging. Further, the bank’s impressive cost-control plan for 2018 will help it deal with the pressure on costs.
The stock has gained 5.8% over the past six months compared with the industry’s growth of nearly 3%.
Wells Fargo currently carries a Zacks Rank #3 (Hold).
Comerica Incorporated's (CMA - Free Report) current-year earnings estimates have been revised 1.2% upward over the past 60 days. Over the past year, the company’s share price has been up 29%. It currently carries a Zacks Rank #2.
The Bank of New York Mellon Corporation (BK - Free Report) current-year earnings estimates have remained stable over the past 30 days. Additionally, the stock has jumped 2% in the past 12 months. It currently carries a Zacks Rank #2.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
Wells Fargo to Trim Headcount by 5-10% Over Three Years
Wells Fargo & Company’s (WFC - Free Report) CEO Tim Sloan, in a bi-monthly meeting held on Thursday, said that the company plans to reduce its workforce by 5-10% in the next three years, as it seeks to transform itself into a more efficient and customer-oriented firm.
Though the move is likely to impact about 13000-26000 jobs, per the headcount disclosed in the latest quarterly filing, it would lend support to the company from rising costs due to involvement in several legal hassles.
The company states that changing customer preferences to digital modes of banking should be accounted for the layoffs. Also, it said that this reduction is likely to reflect displacements as well as normal team member attrition over the period.
During the meeting, Sloan was positive on the progress the Wall Street Biggie has made so far by streamlining operations, improving risk control methods and offloading of unprofitable business.
Moreover, he noted that Wells Fargo will remain focused on enhancing customers’ experience by prioritizing spending to deliver client expectations and enhancing existing and introducing new products.
He said, “We are continuing to transform Wells Fargo to deliver what customers want – including innovative, customer-friendly products and services – and evolving our business model to meet those needs in a more streamlined and efficient manner.”
Wells Fargo continues to face the challenges that Federal Reserve had imposed earlier this year by limiting its asset growth along with persistent legal costs. However, its efforts to move past previous wrongdoings and regain its lost reputation seem encouraging. Further, the bank’s impressive cost-control plan for 2018 will help it deal with the pressure on costs.
The stock has gained 5.8% over the past six months compared with the industry’s growth of nearly 3%.
Wells Fargo currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
U.S. Bancorp’s (USB - Free Report) earnings estimates have been revised slightly upward in the past 60 days. Additionally, the stock has gained nearly 3% in a year’s time. It currently has a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Comerica Incorporated's (CMA - Free Report) current-year earnings estimates have been revised 1.2% upward over the past 60 days. Over the past year, the company’s share price has been up 29%. It currently carries a Zacks Rank #2.
The Bank of New York Mellon Corporation (BK - Free Report) current-year earnings estimates have remained stable over the past 30 days. Additionally, the stock has jumped 2% in the past 12 months. It currently carries a Zacks Rank #2.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>