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High expenses cast cloud over Wells Fargo earnings beat


By Dan Freed and Nikhil SubbaREUTERS - Analysts pressed Wells Fargo & Co executives about the bank's expenses on Friday after it failed to meet revenue expectations and indicated that costs may remain elevated in the near term.Wells, the third-largest U.S. bank by assets, spent 61.1 cents for every dollar of revenue it generated in the second quarter. While that was an improvement from the first quarter, Wells' efficiency ratio remains above a targeted range of 55 to 59 cents in costs per dollar of revenue."Operating at this level is just not acceptable," Chief Executive Officer Tim Sloan ...

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First Published: Fri, July 14 2017. 22:49 IST