Wells Fargo Cost Cuts Drive Efficiency Ratio Improvement
Dow Jones
3 hours ago
Wells Fargo's efficiency ratio improved to 63% in 3Q from 65% a year earlier as cost discipline outpaced revenue-related expense growth. Noninterest expense fell 1% year over year to $13.7 billion, with non-revenue related expenses down 4% while revenue-related expenses rose 15%. Headcount dropped 8% to 194,000 employees from 211,000 a year ago. Personnel expense declined $276 million as lower severance costs and efficiency initiatives offset higher revenue-related compensation. Technology and equipment spending increased, pushing non-personnel expense up 4%
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