Wells Fargo on Tuesday said fourth-quarter profits fell as persistent low interest rates and litigation charges weighed on its financial results.
- Earnings: 93 cents per share versus $1.12 per share forecast by Refinitiv
- Revenue: $19.86 billion versus $20.14 billion forecast by Refinitiv
Quarterly profit at the San Francisco-based bank was $2.87 billion, compared with $6.06 billion in the year-ago period a decline of 53%. Per-share adjusted earnings were 93 cents, well short of the $1.12 per share forecast by Refinitiv.
Shares fell more than 3.2% in premarket trading following the financial results.
The bank also took a financial loss in part related to the retail sales scandal that has plagued Wells Fargo since 2016. The company booked a $1.5 billion charge for legal costs related to litigation stemming from its fake-account problems and others.
The results, which reflect the bank’s performance for the three months ended Dec. 31, mark Wells Fargo’s first quarter under new management….