Cost Control Aids Wells Fargo (WFC) Amid Declining Revenues

Wells Fargo & Company (WFC) continues to benefit from cost-efficiency initiatives, deposit growth and a solid liquidity profile. However, declining revenues due to business divestitures and volatile fee income are headwinds. Lower loan balance due to asset cap and declining mortgage banking income are other major drags.Wells Fargo continues to build on its deposit base, which witnessed a three-year (ended 2023) compound annual growth rate (CAGR) of 1.1%. A large base of retail clients and a favorable deposi ...