Wells Fargo CEO says efficiency ratio 'still too high'
CEO Tim Sloan says efficiency ratio "still too high," adds that operating at this level "just not acceptable." Says "committed" to previously announced efficiency ratio goals. Says rebuilding trust remains the bank's top priority. Says bank has been "very comprehensive" in its approach to customer outreach, remediation, says efforts "ongoing." Says currently processing results from third party staff culture assessment. CFO John Shewsberry sees auto loans continuing to decline in 2H. Expects NII to grow in low to mid single digits for 2017; rate of growth in 2H to be dependent on a variety of factors. Says offering interest-only mortgage to some clients. Says legal costs could possible rose to $1.3B. Comments taken from the Q2 earnings conference call. Wells Fargo is down 2.5% to $54.21 in morning trading.