Wells Fargo Profit Jumps 20%, Beats Estimates
The bank's shares fell 3% as net interest income dropped and it warned that 2019 expenses will be near the high end of its target.
Wells Fargo Shares Dip 3% on Profit Outlook
The bank's Q1 earnings beat estimates but it reduced its net interest income guidance for 2019 to a 2% to 5% decline.
Wells Fargo to Sell Retirement Unit for $1.2B
The sale to Principal Financial reflects Wells Fargo strategy of divesting smaller business lines in the wake of its fake-accounts scandal.
Rep. Waters: Pay Raise for Wells Fargo CEO ‘Outrageous’
CEO Tim Sloan’s total compensation increased 4.9% last year to $18.4 million, including a $2 million bonus.
Retailer Shopko Files for Bankruptcy Protection; Plans to Close 105 Stores
The company said it secured $480 million debtor-in-possession financing to fund the store during bankruptcy.
The Past Is Not Done With Wells Fargo
Wells Fargo will be operating under the asset cap imposed by the Federal Reserve through the end of 2019, longer than previously forecast.
Wells Fargo Reaches Settlement to Resolve State Investigations
The bank will pay $575 million to resolve claims related to fake accounts and improper fees.
Wells Fargo Profit Gets Boost From Cost Cutting
The bank's third-quarter results "reflect the transformational changes we've been making at Wells Fargo," CEO Tim Sloan says.
Risks Mount for Banks and Non-Banks Alike
Tight spreads and growing liquidity risks promise to present financial firms with steep challenges in the coming months.
Wells Fargo Says Calculation Error Led to Foreclosures
The bank also says it is facing multiple inquiries over its use of federal low-income housing tax credits.
Wells Misses Estimates With Broad Weakness
Bank executives point to progress in cost-cutting initiatives as evidence that Wells Fargo's turnaround effort is on track.