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Wells Fargo Fourth Quarter Findings Lacklustre

 1 min read / 

Wells Fargo shares drooped on Friday following the release of a mixed quarterly performance. The bank has a reported revenue of $22.05bn, below forecasts of $22.64bn.

Following investigations into the improper mortgage and sales practices from September 2016, the bank has admitted paying a $3.25bn legal bill. The San-Francisco based lender has also committed to reducing running costs by $4bn. by 2019. They have also highlighted a 17% increase in profits compared to the same time last year.

Share earnings, which had been predicted at $1.54, came in at $1.16 with total profits at $6.15m. Share prices at midday were $62.88, 0.2% less than they were at the opening of New York.

(Source: Google Finance)

Wells Fargo has partly attributed the profit to the corporate tax overhaul passed by the U.S Congress in December. Unlike JPMorgan, which has reportedly written down a $2bn loss to tax assets, Wells Fargo will be able to profit from the $7bn it has in tax liabilities.

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