Wells Fargo & Co’s chief
financial officer said on Friday the bank expects to reduce
total expenses by about $3 billion by 2020.
Speaking at an industry conference, CFO John Shrewsberry said
the bank was on track to reach its target of $53.5 to $54.5
billion by the end of 2018. He sees expenses in the range of
$50.0 billion to $51.0 billion in 2020.