Wells Fargo easily beat Wall Street's third-quarter revenue forecasts as higher interest rates helped offset a steep decline in home lending.
FILE - This Jan. 13, 2021 file photo shows a Wells Fargo office in New York. Wells Fargo easily beat Wall Street's third-quarter revenue forecasts, Friday, Oct. 14, 2022, as higher interest rates helped offset a steep decline in home lending. – Wells Fargo easily beat Wall Street's third-quarter revenue forecasts as higher interest rates helped offset a steep decline in home lending.
Wells earned 85 cents per share in the period, falling short of Wall Street's profit projections. The company incurred $2 billion in regulatory and litigation expenses, the equivalent of a 45 cents-per-share loss. Analysts expected profit of $1.09 in the period. Wells earned $1.17 per share in last year's third quarter.Wells has benefitted from the Federal Reserve'sas the central bank tries to tamp down the highest inflation in four decades.
Wells is still trying to exit the strict federal guidelines that sets its asset cap at just under $2 billion, hindering its ability to grow.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US: Overall spending to continue to moderate as inflation persists and rates rise – Wells FargoData released on Friday showed retail sales remained unchanged in September compared to August. Stripping volatile retail segments suggests some modes
Read more »
Wells Fargo failing to protect customers as Zelle scams soar, Sen. Warren charges in letterData indicates that Wells Fargo customers are reporting fraud and scams on the bank’s shared instant-payment Zelle platform at a rate that is nearly 2.5 times greater than 2019, according to Sen. Elizabeth Warren.
Read more »
US September CPI likely locks another 75 bps rate hike at next FOMC meeting – Wells FargoUS inflation data released on Thursday triggered sharp moves across financial markets. According to analysts at Wells Fargo, today's report likely loc
Read more »
Wells Fargo’s San Francisco headquarters houses no member of its ‘senior leadership team’ - San Francisco Business TimesIn banking news, WellsFargo says it no longer has anyone from its 'senior leadership team' based in San Francisco. But the bank says its HQ isn't leaving the city it has called home since its founding in 1852.
Read more »
Wells Fargo failing to protect customers from Zelle scams -Senator WarrenDemocratic U.S. Senator Elizabeth Warren criticized Wells Fargo & Co for failing to protect its customers from fraud and scams on Zelle, a digital payments platform owned by seven of the biggest U.S. banks.
Read more »
Wells Fargo’s San Francisco headquarters houses no member of its ‘senior leadership team’ - San Francisco Business TimesIn banking news, WellsFargo says it no longer has anyone from its 'senior leadership team' based in San Francisco. But the bank says its HQ isn't leaving the city it has called home since its founding in 1852.
Read more »