Wells Fargo to cut another $2 billion in costs

There’s more fallout from Wells Fargo’s fake account scandal.

Wells Fargo already said it plans to cut $2 billion in costs by the end of next year. Now the bank said it plans to cut another $2 billion by the end of the year after.

Wells Fargo will look for ways to streamline, cut back on its mortgage side of the business, hire out and close 450 branches this year and next, which is dozens more than expected. While many fear layoffs, it's not clear what this will mean for the bank's 24,000 employees in the Charlotte area.

The bank also plans to cut costs by going more digital. The bank would like customers to be able to apply for mortgages online and open a checking account on your phone.

Wells Fargo CEO Tim Sloan spoke to investors Thursday and called the bank’s prior behavior inappropriate and promised more transparency.

“We want to be known as the best corporate citizen in financial services.  We want to make the communities that we do business in better," he said.

This all started with high-pressure sales goals.  Wells Fargo employees opened about 2 million unauthorized accounts to meet those goals. Regulators fined the bank $185 million last year, and the bank’s been trying to rebound ever since.

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