 | July 18, 2020 |
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| Wells Fargo is taking action to reduce operational costs and lending risk as the coronavirus crisis wears on. |
Ahead of what some analysts estimate could be the bank's first quarterly loss in over a decade, executives have drafted plans that could slash headcount.
The bank is also tightening requirements for the refinancing of certain mortgages, including making new customers who want to refinance a jumbo mortgage bring at least $1 million in balances — quadruple the previous requirement of $250,000.
These moves could help Wells Fargo weather pandemic fallout, but to meaningfully grow beyond that, it needs to shuck its federally mandated asset cap.
Business Insider Intelligence's Gregory Magana has the full story. |
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