Wells Fargo & Co today reported quarterly revenue that missed analysts' estimates.
Revenue across all its banking units declined, especially at community banking, the unit at the centre of its 2016 sales scandal.
The bank's total revenue fell 5% to $20.98 billion in the fourth quarter, while consumer loans fell 3%. Analysts on average were expecting revenue of $21.73 billion, according to IBES data from Refinitiv.
Wells Fargo managed to make good on its promise to reduce costs to combat expenses related to its sales scandal. Non-interest expenses fell 21% to $13.34 billion.
For the year, expenses declined 4% to $56.13 billion, but were higher than $54.5 billion target the bank had set last year.
Chief financial officer John Shrewsberry reiterated that the bank was "on track" to meet its 2019 expense target.
The bank said its net income applicable to shareholders was $5.71 billion, or $1.21 per share, in the fourth quarter ended December 31, compared with $5.74 billion, or $1.16 per share, a year earlier.
The year-ago quarter included a $3.35 billion one-time boost related to President Donald Trump's US corporate tax overhaul.
Analysts on average were expecting $1.19 per share, according to IBES data from Refinitiv.
Earlier in the day, JPMorgan Chase & Co reported a lower-than-expected quarterly profit due to weakness in its markets trading business.
