Biden Looks to Step Up Federal Disaster Aid for Texas

Plenty of companies are cutting costs to weather the pandemic recession. Few are trying to do so while also spending billions of dollars to satisfy their regulators. These are the tasks facing Wells Fargo WFC 5.17% & Co. Chief Executive Charles Scharf, who is attempting to slash at least $8 billion from the San Francisco bank’s annual budget. The bank’s expenses last year were $57.63 billion. Wells Fargo is simultaneously shelling out money to remake the vast risk-and-control systems that regulators have said were inadequate to catch the fake-account scandal that got it in hot water more than four years ago. Wells is still subject to 10 regulatory penalties known as consent orders. The harshest, from the Federal Reserve, has capped the bank’s growth for three years.