One year into his tenure, the clock is ticking for Wells Fargo CEO Charlie Scharf, as frustrated investors itch for a comprehensive cost-reduction plan.

In January, Scharf described the San Francisco company as “extraordinarily inefficient.” Six months later, he argued that its expenses were at least $10 billion higher than they should be. So when Wells Fargo reported its third-quarter earnings on Wednesday, Wall Street was anticipating a detailed road map for cutting costs.

What Scharf provided instead was a promise to give an update in three months about shorter-term spending cuts, but no commitment about when the company will release a long-term plan for slashing its expenses. (Read full story here).





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