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Wells Fargo lowers targets for returns on equity, assets
May 24, 2016 / 3:01 PM / a year ago

Wells Fargo lowers targets for returns on equity, assets

May 24 (Reuters) - Wells Fargo & Co lowered two key companywide financial targets on Tuesday, citing low interest rates, higher credit and compliance costs and increased regulatory capital requirements.

The San Francisco-based lender is now targeting a return on assets of 1.1 percent to 1.4 percent this year, down from the 1.3-1.6 percent it detailed in 2014. Its full-year return-on-equity target is now 11 percent to 14 percent, down from 12 percent to 15 percent.

Wells Fargo detailed the new targets in a presentation on its website for its annual investor day meeting. (Reporting by Dan Freed in New York; Editing by Jeffrey Benkoe)

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