Wells Fargo Posts Stronger-Than-Expected Earnings
July 14 2017 - 8:34AM
Dow Jones News
By Emily Glazer
Wells Fargo & Co. said its second-quarter profit rose as the
nation's third-largest bank tries to regain its footing and grow
again nearly a year after its sales-practices scandal.
The bank reported a profit of $5.81 billion, or $1.07 a share.
That compares with $5.56 billion, or $1.01 a share, in the same
period of 2016. Analysts polled by Thomson Reuters had expected
earnings of $1.01 a share.
Revenue rose to $22.17 billion. Analysts had expected $22.47
billion.
Wells Fargo, led by Chief Executive Timothy Sloan, had been one
of the most consistent big banks at growing earnings and revenue.
Shares dropped though last year after the bank agreed to a $185
million settlement with two regulators and a city official over
opening as many as 2.1 million accounts with fictitious or
unauthorized information.
It also continues to face a spate of state and federal
investigations that the bank has said it is cooperating with.
The bank's shares bounced back following the election, rising
22%.
That compares with a 29% jump by the KBW Nasdaq Bank index of
large commercial lenders over the same period.
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
July 14, 2017 08:19 ET (12:19 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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