Wells Fargo (WFC) earnings This autumn 2019
Wells Fargo on Tuesday stated fourth-quarter earnings fell as persistent low rates of interest and litigation costs weighed on its monetary outcomes.
- Earnings: 93 cents per share versus $1.12 per share forecast by Refinitiv
- Income: $19.86 billion versus $20.14 billion forecast by Refinitiv
Quarterly revenue was $2.87 billion, in contrast with $6.06 billion within the year-ago interval a decline of 53%. Per-share adjusted earnings had been 93 cents, nicely wanting the $1.12 per share forecast by Refinitiv.
The corporate’s inventory fell greater than 3.5% simply after the opening of buying and selling Tuesday following its fourth-quarter outcomes, on monitor for its worse day on Wall Avenue since August 14.
The financial institution additionally took a monetary loss partly associated to the retail gross sales scandal that has plagued Wells Fargo since 2016. The corporate booked a $1.5 billion cost for authorized prices associated to litigation stemming from its fake-account issues and others.
The litigation prices pushed noninterest bills up 17% within the fourth quarter…