Wells Fargo on Tuesday said fourth-quarter profits fell as persistent low interest rates and litigation charges weighed on its financial results.
Here’s what the bank reported vs. what analysts had expected:
- 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 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.
The company’s stock fell 4% Tuesday morning, on track for its worst day on Wall Street since August.
The bank also took a financial loss in part…