Wells Fargo Reports Earnings Rose 4%, Revenue Fell — 2nd Update
Provided by Dow Jones By Ben Eisen Wells Fargo & Co.'s profit rose 4% in the final three months of the year. The San Francisco-based lender said Friday that it made $2.99 billion in the fourth quarter, up from $2.87 billion a year earlier. Per-share profit totaled 64 cents, compared with analyst forecasts of 59 cents. Wells Fargo's results reflect a topsy-turvy year in which the pandemic-induced recession forced lenders to sock away tens of billions of dollars to prepare for a wave of soured loans. The bank released $757 million from its pile of reserves i...
Source: morningstar.com