Wells Fargo takes a $166 million wealth-tech hit as new management rethinks big projects (WFC)
General World News
‘s massive wealth and investment management division reported $166 million in technology-related expenses in its fourth-quarter earnings results on Tuesday.
The item, “expenses related to the strategic reassessment of technology projects,” marked the second-straight quarter of such a technology project-related hit that came out to north of $100 million.
The San Francisco-based bank, which counts controlling costs as a main goal under new leadership and has been
advertising more tech roles than in the past
, declined to elaborate on these expenses.
Still, the two large technology costs underscore the very fluid nature of the firm still trying to put its
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