Wells Fargo Posts Higher Profit
July 16 2019 - 7:49AM
Dow Jones News
By Rachel Louise Ensign
Wells Fargo & Co. said Tuesday that second-quarter profit
rose.
Quarterly profit at the San Francisco-based bank, the fourth
largest in the U.S. by assets, was $6.21 billion, compared with
$5.19 billion a year ago. Per share, earnings were $1.30. Analysts
polled by FactSet had expected $1.17 per share.
Second-quarter revenue was $21.6 billion, roughly the same level
as a year ago. Analysts had expected $20.93 billion.
The quarter's results included a $721 million gain from selling
old mortgages.
The bank's 2016 sales-practices scandal has badly damaged the
bank's reputation and led to a morass of regulatory problems. The
bank is in its fourth month without a permanent chief executive
following Timothy Sloan's retirement in March. The board continues
to search for a replacement and some top candidates have told the
bank they are not interested.
Wells Fargo's key business lines also have struggled in recent
years. What was once an aggressive, fast-growing lender whose
profits towered above those of rivals has become a firm with
sluggish revenues that is leaning heavily on cost cuts.
Expenses fell 4% in the second-quarter from a year earlier.
Write to Rachel Louise Ensign at rachel.ensign@wsj.com
(END) Dow Jones Newswires
July 16, 2019 08:34 ET (12:34 GMT)
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