A year into his tenure, the clock is ticking for Charlie Scharf, Wells Fargo CEO, as frustrated investors demand a comprehensive cost-cutting plan.
In January, Scharf described the San Francisco company as "extremely inefficient". Six months later, he argued that his spending was at least $ 10 billion more than it should be. When Wells Fargo reported its third quarter earnings on Wednesday, Wall Street expected a detailed roadmap to cut costs.
Instead, Scharf promised to provide an update on short-term spending cuts in three months' time, but with no commitment as to when the company will release a long-term plan to cut its spending. (Read the full story here).