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BRIEF-Wells Fargo says expects efficiency initiatives will reduce expenses by about $2 bln annually by year-end 2018
January 13, 2017 / 11:44 PM / 6 months ago

BRIEF-Wells Fargo says expects efficiency initiatives will reduce expenses by about $2 bln annually by year-end 2018

2 Min Read

Jan 13 (Reuters) - Wells Fargo & Co:

* As of 12/9/16, issued $3.2 million of refunds for "potentially unauthorized accounts that incurred fees and charges" for May 2011 - June 2015

* "we believe we have fulfilled our customer reimbursement requirements under the l.a. Stipulated judgement", subject to audit review

* in retail banking, on 8 jan, co increased minimum hourly pay rate for all u.s.-based team members to $13.50 to $17.00 an hour

* Expect efficiency initiatives will reduce expenses by about $2 billion annually by year-end 2018

* reached out to over 168,000 potentially unauthorized credit card customers as of dec 31, 2016 as part of sales practices remediation plan

* in 267,000 cases where co has sign from credit card application and sign from corresponding deposit account, over 90% of those signs match

* pace of branch closures is expected to increase; 200 branch closures expected in 2017 and over 200 in 2018, up from 84 in 2016

* if issued in current form, fasb's proposed hedge accounting rules to lower "interest rate-related ineffectiveness" in co's long-term debt hedges Source text : (bit.ly/2j9vnHq) Further company coverage:

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