Charles Scharf

The smaller shrinking of the wirehouse's headcount in 2023 underscored a successful year of growth for the megabank's wealth arm.

The unit has $603 billion of assets under management and employs more than 450 investment professionals.

Net interest income, the firm’s biggest source of revenue, sank 16% last year.

CEO Charlie Scharf’s long-awaited expense-reduction plan got a chilly reception from investors.

To streamline the company, CEO Charlie Scharf has been looking to sell certain businesses since taking over in 2019.

The firm’s chief executive began setting the stage last year when he broke the company’s three business lines into five.

It’s at least the second time in just a few weeks that the firm has sought to limit the expense of rewarding well-paid employees.

The firm expects to receive bids this month, according to a person familiar with the matter.

The firm determined that the staffers defrauded the SBA “by making false representations in applying for coronavirus relief funds for themselves.”

Charlie Scharf’s insensitive and factually incorrect remark perpetuates a damaging trope, financial advisor Lazetta Braxton writes.

As Wells Fargo CEO Charles Scharf himself admitted, it’s an excuse — and a weak one.

The company has been experimenting with ways to recruit more women and minorities, including a program to hire professionals who had left banking.

Charles Scharf has since apologized that his comments in a virtual meeting this summer were "misinterpreted."

The bank is under growing pressure to lower costs.

The shift comes after the bank reported its first quarterly loss since 2008.

The bank has been in turmoil relative to peers for years. The economic fallout from the coronavirus pandemic only made matters worse.

The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.

The move would potentially set a bleak precedent for an industry that’s been resisting mass layoffs as the coronavirus pandemic worsens.

The bank says an announcement on how far the current 51-cent payout would drop is expected in mid-July.

Members of the bank’s operating committee will be evaluated annually on how much they have increased representation and inclusion of diverse employees in the operations they oversee.