Wells Fargo CEO and President Charles Scharf testifies during a Wall Street oversight hearing before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington, DC, December 6, 2023.
Saul Loeb | AFP | Getty Images
Wells Fargo reported better-than-expected quarterly results before Friday’s opening bell. We were also pleased to see that by the end of 2023, management has officially delivered on its multi-year cost savings program of $10 billion. But shares came under pressure due to a weaker-than-expected outlook.