Wells Fargo to reduce businesses following fake account scandal: FT

(Reuters) – Wells Fargo is poised to eliminate a number of its smaller businesses, the company’s chief financial officer said in an article published Sunday.

The Financial Times reported that Wells Fargo will be spinning off a number of its products “worth hundreds of millions of dollars,” according to CFO John Shrewsberry, in order to focus on and emphasize “more relevant” ones, though he did not specify what products those would be.

“There are a handful of businesses in our mindset,” Shrewsberry said, adding that the bank had “choices to make.” “They’re not at the scale of most of our businesses . . . not top-tier providers.”

Read on.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s