Wells Fargo remains committed to target of $2B in expense reductions
CFO John Shrewsberry said, "Wells Fargo reported $6.2B of net income in the fourth quarter, which included a net benefit from the Tax Cuts & Jobs Act and a gain on the sale of Wells Fargo Insurance Services, partially offset by litigation accruals. Compared with the third quarter we grew both loans and deposits, and our credit performance, liquidity and capital remained exceptionally strong. We returned a record $14.5B to shareholders through common stock dividends and net share repurchases in 2017, up 16%, and returning more capital to shareholders remains a priority. We've made progress on our efficiency initiatives and remain committed to our target of $2B of expense reductions by the end of 2018, which are being used to support our investments in the business, and an additional $2B by the end of 2019. In addition, by the beginning of 2019 we expect the amortization of core deposit intangible expense and the FDIC special assessment to be complete."