CEO Tim Sloan’s plan to double Wells Fargo’s (WFC) planned cost cuts to $4 billion by the end of 2019 hasn’t halted a decline in the bank’s stock.
Not because investors don’t like it, but because they care more about lending growth, higher revenue and improving profit margins, analysts argue.
Wells Fargo fell 1.8% Thursday as the San Francisco bank’s executives discussed the expense plan during an investor summit highlighting progress on turnaround efforts after a fake-accounts scandal. The stock dropped another 1.3% Friday, closing at $53.02 in New York.
