Wells, the United States’ biggest mortgage lender, has leaned on cost cuts to stabilize its bottom line amid sluggish revenue growth and a raft of fines and costs relating to illegal sales practices first uncovered in 2016. Scharf said the bank’s cost structure was simply too high, while also recommitting to beefing up its approach to regulation. “Wells Fargo is a wonderful and important franchise that has made some serious mistakes, and my mandate is to make the fundamental changes necessary to regain the full trust and respect of all stakeholders,” Scharf said in a statement.
