Wells Fargo & Co will launch a broad cost-cutting initiative this year, executives said on Tuesday, as the bank braces for massive loan losses caused by the coronavirus pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal. The news came as Wells Fargo posted its first quarterly loss since 2008 and slashed its dividend to preserve capital after performing poorly on the Federal Reserve's stress test. Rivals that reported results on Tuesday also posted big loan-loss reserves, but analysts said Wells Fargo's problems run deeper. "We don't see anything positive from Wells Fargo to hang our hats on," David Hendler, a longtime bank analyst and founder of research firm Viola Risk Advisors, said in an interview. "The company has messed up for a generation." Hendler pointed to what he described as problems with Wells Fargo's organizational structure and balance sheet exposures that cannot quickly be resolved. Shares were down 4.8% at $24.19. Wells Fargo was once seen as the cr,
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