REUTERS: Wells Fargo & Co's aggressive cost cutting helped boost its quarterly profit, but shares in the lender fell 3 percent on Friday after it dialed back its forecast for how much net interest income it would bring in this year.
Interim CEO Allen Parker said on Friday he was working on improving relations with regulators and making the bank more efficient but acknowledged"we have more work ahead of us." Finance chief John Shrewsberry reaffirmed that the lender was on track to hit its 2019 cost target. But the longer-term outlook is less certain, since the bank suspended its expense targets for 2020 after Sloan’s exit.
Wells Fargo's net interest income in the quarter fell 1 percent from a year earlier and 3 percent from the prior quarter.
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