Wells Fargo's (NYSE: WFC) stock has been more than cut in half this year, and for good reason. Already struggling with regulatory issues from its phony-accounts scandal in 2016, the bank was done no favors by the novel coronavirus pandemic. After the second quarter, the bank reported a loss of $2.4 billion and trimmed its dividend by about 80%. But on Wells Fargo's most recent earnings call after the bad performance, CEO Charlie Scharf said, "Whatever sense of urgency existed before is going to be small relative to what it is going forward."
The bank does seem to have taken this to heart, making some progress recently on issues ranging from cutting expenses to launching initiatives to get into better standing with regulators. Let's take a look at what the company has done and how these initiatives could help get the bank's stock trending upward.
Image source: Wells Fargo.