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Wells Fargo net income dips in third quarter


Wells Fargo & Co. today reported net income of $4.6 billion, or 92 cents per common share, for the third quarter, compared with $6 billion, or $1.13 per share, for the third quarter of 2018. The earnings disappointment sent the company’s shares down 0.76% to $48.90, TheStreet reported. Third-quarter 2019 net income included the impact of a $1.6 billion litigation accrual for previously disclosed retail sales practices, along with a $1.1 billion gain from the sale of its institutional retirement and trust business to Principal Financial Group. Wells Fargo has been in recovery mode since the resignation of CEO Tim Sloan in March after being called to testify before the U.S. House Financial Services Committee. The bank reported strong fundamentals for the third quarter, with average deposits of $1.3 trillion, up $25 billion, and average loans of $949.8 billion, up $10.3 billion. The company also increased its quarterly dividend by 19%, to 51 cents per share. In a statement, interim CEO Allen Parker said: “We continued to make progress on our top priorities during the third quarter, and we’re all looking forward to Charlie Scharf’s joining Wells Fargo on October 21 as the company’s chief executive officer and president.” 

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