Wells Fargo quarterly revenue falls 5 percent

Wells Fargo & Co on Tuesday said quarterly revenue fell 5 percent, hurt by lower revenue across all of its businesses, including community banking, the unit most closely tied to a 2016 sales scandal.

A Wells Fargo ATM machine is shown in Los Angeles, California
A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake

REUTERS: Wells Fargo & Co on Tuesday said quarterly revenue fell 5 percent, hurt by lower revenue across all of its businesses, including community banking, the unit most closely tied to a 2016 sales scandal.

Net income applicable to shareholders was US$5.71 billion, or US$1.21 per share, in the fourth quarter ended Dec. 31, compared with US$5.74 billion, or US$1.16 per share, a year earlier. https://reut.rs/2RUfgSg

The year-ago quarter included a US$3.35 billion one-time boost related to President Donald Trump’s U.S. corporate tax overhaul.

Revenue in the latest quarter fell to US$20.98 billion from US$22.05 billion last year.

Analysts on average were expecting US$1.19 per share, according to IBES data from Refinitiv. It was not immediately clear if the reported figures were comparable.

(Reporting By Aparajita Saxena in Bengaluru, Imani Moise in New York; Editing by Bernard Orr)

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