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Wells Fargo revenue misses estimates on weakness in consumer banking

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Wells Fargo & Co. today posted quarterly revenue that missed analysts’ estimates, Reuters reports, as revenue across all its banking units declined, especially at community banking, the unit at the center of its 2016 sales scandal. The bank’s total revenue fell 5 percent to $20.98 billion in the fourth quarter, while consumer loans fell 3 percent. Analysts on average were expecting revenue of $21.73 billion, according to IBES data from Refinitiv. Net income applicable to shareholders was $5.71 billion, or $1.21 per share, in the fourth quarter ended Dec. 31, compared with $5.74 billion, or $1.16 per share, a year earlier. Wells Fargo met last year’s cost-cutting target and is on track for future cost cuts, the bank said.