Wells Fargo Is Still Attempting to Regain Its Footing
Wide-moat Wells Fargo’s efficiency ratio disappointed in the first quarter, coming in at 64.9%, as the company continued to suffer the effects of its sales excesses—including a consent order limiting growth and another pending financial penalty from the Consumer Financial Protection Bureau. That said, the company still managed to generate a 12.4% return on equity during the quarter and a 14.8% return on tangible common equity. If the company is able to meet its cost-cutting goals by 2020, both e...
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