Wells Fargo earnings make for a neat job ad

Wells Fargo earnings make for a neat job ad

Wells Fargo earnings make for a neat job ad

The bank's efficiency ratio was also 64.4% for the quarter, also above estimates.

Wells Fargo & Co. reported a 16.4 percent increase in quarterly profit on Friday, as the lender continued to reap the benefits of its aggressive cost-cutting plans. That exceeded Wall Street's expectations. Bridgewater Associates LP boosted its stake in Wells Fargo & Co by 89.5% during the third quarter.

Some of the bank's business fundamentals remained challenged even more than two years after the scandal.

In a positive sign, however, Wells Fargo's retail banking deposits grew. The EPS estimate for the 2019 fiscal year is $4.89. and revenues are forecast at $85.15 billion.

The Federal Reserve has signaled it is unlikely to raise interest rates in 2019 given risks to the USA economy from a global slowdown, which investors have feared could pressure net interest income, or the difference between what a bank earns on loans and pays on deposits.

The stock then pulled a sharp U-turn in active trading after the start of the post-earnings conference call with analysts, to fall as much as 3.5% to an intraday low of $46.06 at about 10:45 a.m. Finally, Credit Suisse Group reaffirmed a "hold" rating and set a $60.00 target price on shares of Wells Fargo & Co in a research report on Friday, January 11th.

Multiple wounded in mass shooting in Australias Melbourne suburb
Three of the men were aged between 29 and 50, with the age of the fourth yet to be determined, police said. Edie, who lives in the nearby commission flats, says she didn't hear anything overnight.

JPMorgan's results were particularly impressive.

Wells Fargo is the fourth largest American bank by assets and the third largest by market value, which is about $217 billion. Citing "widespread consumer abuses", the Fed imposed an asset cap on Wells Fargo in early 2018.

Scandals erupted at Wells Fargo 2½ years ago with the revelation that employees opened millions of potentially fake accounts to meet sales goals.

Earlier reports suggested, however, that the beleaguered bank was scouring talent at rival firms such as Bank of America (BAC), Citigroup (C) and JPMorgan. Fees from mortgage banking, a bread-and-butter product for Wells Fargo, fell 24% to $708 million in the first quarter from $934 million a year earlier. Returning excess capital to shareholders remains a priority.

Wells Fargo will probably face questions from analysts later on Friday about its search for a successor for Sloan. Interim CEO Allen Parker's comments in Friday's release are simply a placeholder until the bank appoints a permanent leader to attack the issues limiting growth.

"We have more work ahead of us, and our strong leadership team is dedicated to making our company the most customer-focused, efficient, and innovative Wells Fargo ever", Parker, the former general counsel, said in a statement.

Recommended News

  • Avalanche get a boost with return of Mikko Rantanen for Game 1

    Avalanche get a boost with return of Mikko Rantanen for Game 1

    Goalie Connor Hellebuyck was not as sharp this season as he was past year and that might be a concern against a hot team. TOP PERFORMERS: Gaudreau has recorded 99 total points while scoring 36 goals and adding 63 assists for the Flames .
    Rite Aid Beats Loses on Operations, Misses on Revenue

    Rite Aid Beats Loses on Operations, Misses on Revenue

    Volume of the Rite Aid Corporation exchanged hands with 11857970 shares compared to its average daily volume of 14.76M shares. The Stock Price moved with change of 9.07% to its 50 Day low spot and changed -40.03% contrasting with its 50 Day high point.
    Ajax draw Juventus in Amsterdam, Ronaldo back with goal

    Ajax draw Juventus in Amsterdam, Ronaldo back with goal

    The recently retired Spanish centre back was formerly a Manchester United player having joined the club as a teenager in 2004. Allegri will now focus on how to complete the task in Turin next week when they host Ajax in the second leg.
  • Comedian dies on stage after making joke about stroke

    Comedian dies on stage after making joke about stroke

    Veteran comedian Ian Cognito , who was criticised for his racist acts, died on stage while performing a comic act in London . Popular stand-up comedian Ian Cognito has passed away after reportedly suffering a heart attack on stage yesterday.
    Cut melon linked to U.S., Kansas salmonella outbreak recalled

    Cut melon linked to U.S., Kansas salmonella outbreak recalled

    Pre-cut melons sold at several stores in MI and around the Midwest is being recalled for possible salmonella risk. For a complete list of products, stores and UPC codes for recalled items, go to the following link .
    Minnesota Lynx draft former Gophers' guard Kenisha Bell

    Minnesota Lynx draft former Gophers' guard Kenisha Bell

    With their first pick of the 2019 WNBA Draft, the Lynx picked UConn senior guard Napheesa Collier with the No. 6 pick overall. In her two years at Notre Dame, Shepard averaged a 58% field-goal percentage and went 69.4% from the free-throw line.
  • Star Wars: Jedi Fallen Order Confirmed To Have No Microtransactions

    Star Wars: Jedi Fallen Order Confirmed To Have No Microtransactions

    Fans welcomed the re-appearance of Lando Calrissian, played by Billy Dee Williams , who is seen piloting the Millennium Falcon. When asked what it was like playing the character again after so much time had passed, Williams remarked that it was easy.
    Jacob Rees-Mogg’s sister announced as Brexit party candidate

    Jacob Rees-Mogg’s sister announced as Brexit party candidate

    Annunziata Rees-Mogg - sister of Jacob - was revealed as one of the party's EU Parliament election candidates. May says she still hopes for Brexit to occur before May 23, the date of Europe's parliamentary elections.
    NY  budget carrier JetBlue to fly to London from 2021

    NY budget carrier JetBlue to fly to London from 2021

    The carrier has created an internal team to begin securing US regulatory approval for extended flights over water. The new flights to London are subject to receipt of the government operating authority, JetBlue said.
  • 76ers Fans Boo Ben Simmons, Twitter Reacts After Abysmal Playoff Performance

    76ers Fans Boo Ben Simmons, Twitter Reacts After Abysmal Playoff Performance

    The rule book, under the "Use of Technology" section, says violations will "result in substantial fines and/or suspensions". Brown said he would deal with Johnson, but he declined to address any specific discipline.
    Dale Steyn returns to RCB, replaces Nathan Coulter-Nile

    Dale Steyn returns to RCB, replaces Nathan Coulter-Nile

    Virat Kohli and Parthiv Patel will open the batting for the team as both are among top five scorers for RCB this season. While trying to defend the total, no Punjab bowler other than Mohammed Shami looked threatening.
    Kim Says He's Open to 3rd Summit with Trump

    Kim Says He's Open to 3rd Summit with Trump

    He is a longtime mentor to Kim Jong-un and might now be the most powerful North Korean who is not a member of the Kim dynasty. He's been traveling around to various summits and meetings rather than feeling trapped in his own country.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.