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Wells Fargo profit rises on lower bad loan provisions

Wells Fargo's profit rose in the second quarter as it set aside less money to shield for potential bad loans.

US banks entered 2025 with a bullish outlook, backed by a resilient economy.

Wells Fargo beats profit estimates but CEO issues warning

Wells Fargo's profit rose 6% in the first quarter as the bank cut costs and set aside less money to cover potential loan losses, but its CEO warned on Friday that US tariffs risk slowing economic growth.

Business • 11 Apr

Wells Fargo said itss investment banking fees jumped 59% to $725m in the fourth quarter compared with a year earlier

Wells Fargo earnings climb as investment banking shines

Wells Fargo's profit climbed in the fourth quarter, buoyed by stronger investment banking earnings, it said today.

Business • 15 Jan

Wells Fargo is the fourth-largest US lender

Wells Fargo's profit falls on lower interest income

Wells Fargo's third quarter profit fell as the bank's interest income was squeezed by subdued loan demand and higher payments to depositors.

Business • 11 Oct 24

Higher net interest income was part of the investor "bull thesis" coming into the quarter

Wells Fargo misses interest income estimates over costs

Wells Fargo's second-quarter profit declined and the lender missed analysts' estimates for interest income on higher deposit costs amid intense competition for customers' money, sending its shares down more than 5% in premarket trading.

Business • 12 Jul 24

Wells Fargo has today reported lower first quarter profits

Wells Fargo Q1 profit shrinks on lower interest income

Wells Fargo's profit fell as it earned less from customer interest payments in the first quarter.

Business • 12 Apr 24

Wells Fargo said its revenue in the fourth quarter rose 2% to $20.5 billion

Wells Fargo's fourth-quarter profit jumps on cost cuts

Wells Fargo's fourth-quarter profit jumped as the lender benefited from cost cuts, but it warned that 2024 net interest income could be 7% to 9% lower than a year earlier.

Business • 12 Jan 24

Wells Fargo has been working to fix a six-year-old scandal over sales practices

Wells Fargo raises interest income forecast

Wells Fargo has today beaten analysts' estimates for third-quarter profit as it benefited from customers paying more interest and raised its annual forecast for future income from interest payments.

Business • 13 Oct 23

Wells Fargo, the fourth biggest lender in the US, said its profit surged 57% in the second quarter

Wells Fargo profit surges 57% on higher interest income

Wells Fargo's profit surged 57% in the second quarter as it earned more in interest payments from customers and raised its forecast for 2023 net interest income.

Business • 14 Jul 23

Provision for credit losses were $957 million in the quarter

Wells Fargo profit falls 50% on higher reserves

Wells Fargo reported a 50% decline in profit for the fourth quarter as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown.

Business • 13 Jan 23

Wells Fargo is the fourth-largest US bank

Wells Fargo profit falls on rising loan loss reserves

Wells Fargo & Co has today reported a fall in second-quarter profit as the bank set aside more money to cover loans that could sour if the US pandemic recovery gives way to a recession.

Business • 15 Jul 22

Analysts expect JPMorgan Chase & Co will report a 25% drop in profit on Thursday

Big US banks' second quarter profits expected to tumble

Second quarter profits at big US banks are expected to fall sharply from a year earlier on increased loan loss reserves, as the pandemic recovery gives way to a possible recession.

Business • 11 Jul 22

Wells Fargo said its mortgage loans fell 33% from a year ago as the Federal Reserve raised interest rates to tame soaring inflation

Wells Fargo's lower costs offset weak mortgage lending

Wells Fargo & Co's first-quarter profit dropped 21% but beat Wall Street expectations today as CEO Charlie Scharf plans to keep a tight rein on costs cushioned a drop in mortgage lending.

Business • 14 Apr 22

Wells Fargo got a boost of $943m from the sale of its corporate trust and asset management businesses

Wells Fargo Q4 profit rises on asset sales boost

Wells Fargo & Co has today beaten analysts' estimates for fourth-quarter profit as a rebound in US economic growth encouraged more customers to take loans and the bank kept a tight lid on costs.

Business • 14 Jan 22

Wells Fargo said its total revenue rose 11% to $20.27 billion in the second quarter of 2021

Wells Fargo beats estimates on reserve release boost

Wells Fargo beats profit estimates on reserve release boost

Business • 14 Jul 21

Wells Fargo commits less funds for bad loans

Wells Fargo & Co has today reported a strong rebound in first-quarter profit as the bank set aside less money to cover soured loans.

Business • 14 Apr 21

Wells Fargo said its costs associated with bad loans decreased by $823m compared to last year

Wells Fargo profit beats estimates as credit costs fall

Wells Fargo has reported a quarterly profit that beat Wall Street estimates, as stabilising credit costs helped offset the hit from low-interest rates meant to prop up the ailing economy during the Covid-19 pandemic.

Business • 15 Jan 21

Wells Fargo has been struggling to recover from a series of misselling scandals

Wells Fargo swings to loss on higher loan provisions

Wells Fargo & Co swung to a loss in the second quarter after setting aside $9.5 billion to cover potential loan losses due to the coronavirus pandemic, the bank said today.

Business • 14 Jul 20

Wells Fargo's new CEO promises changes as profit slumps

Wells Fargo & Co has reported a 55% fall in quarterly profit, as it struggled to grow in a lower interest rate environment and saw a surge in cost stemming from the regulatory fallout of a series of sales scandals.

Business • 14 Jan 20

The San Francisco-based lender last month appointed Charles Scharf as its CEO

Wells Fargo Q3 profit slumps 26% on legal costs

Wells Fargo & Co today reported a 26% slump in quarterly profit, as mortgage income sank and it braced for additional legal expenses tied to a sales practices scandal that erupted more than three years ago.

Business • 15 Oct 19

Charles Scharf named as Wells Fargo's third CEO since a wide-ranging sales scandal erupted three years ago

Wells Fargo names Charles Scharf as new CEO

Wells Fargo & Co has today named banking veteran Charles Scharf as chief executive officer, the lender's third CEO since a wide-ranging sales scandal erupted three years ago.

Business • 27 Sep 19

Wells Fargo is the fourth biggest bank in the US

Wells Fargo's quarterly profit rises by 22%

Wells Fargo & Co has today reported higher quarterly profit despite flat revenue as the bank benefited from aggressive cost-cutting.

Business • 16 Jul 19

Wells Fargo continued to reap the benefits of its aggressive cost-cutting plans

Wells Fargo's Q1 profit rises 16% as cost cuts pay off

Wells Fargo & Co today reported a 16.4% jump in quarterly profit, as the US lender reaped the benefits of its aggressive cost-cutting efforts.

Business • 12 Apr 19

Total revenue at Wells Fargo fell 5% to $20.98 billion in the fourth quarter, while consumer loans fell 3%

Wells Fargo revenue misses on consumer banking weakness

US bank Wells Fargo & Co today reported quarterly revenue that missed analysts' estimates.

Business • 15 Jan 19

Wells Fargo has been struggling to rebuild its reputation with customers after a series of scandals, fines and regulatory probes over the last two years

Wells Fargo quarterly profit falls short of estimates

Wells Fargo & Co today posted a quarterly profit that fell short of analysts' estimates, as a $13 billion drop in new mortgage borrowing offset the bank's efforts to cut costs.

Business • 12 Oct 18