Wells Fargo earnings make for a neat job ad

Kevin Hassett Diversity among CEOs is 'woefully low'

Kevin Hassett Diversity among CEOs is 'woefully low'

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.

National Hockey League slaps Lightning forward Nikita Kucherov with one-game suspension
Now, Kucherov was not given a match penalty, so a "five and a game" situation is not required, but it could be coming. But Victor Hedman didn't want anyone on the Blue Jackets to get too comfortable taking a two-game edge.

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.

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