A regulator also fined John Stumpf $17.5 million for failures of leadership that contributed to the bank's fake-accounts scandal.
The bank's new CEO pledges to “make the fundamental changes necessary to regain the full trust and respect of all stakeholders."
The bank's CFO pointed to loan and deposit growth in the third quarter as evidence of strong fundamentals.
Principal Financial CFO Deanna Strable gives the lowdown on the firm's recent $1.2 billion acquisition of Wells Fargo's retirement business.
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.
The bank's Q1 earnings beat estimates but it reduced its net interest income guidance for 2019 to a 2% to 5% decline.
The sale to Principal Financial reflects Wells Fargo strategy of divesting smaller business lines in the wake of its fake-accounts scandal.
CEO Tim Sloan’s total compensation increased 4.9% last year to $18.4 million, including a $2 million bonus.
The company said it secured $480 million debtor-in-possession financing to fund the store during bankruptcy.
Wells Fargo will be operating under the asset cap imposed by the Federal Reserve through the end of 2019, longer than previously forecast.
The bank will pay $575 million to resolve claims related to fake accounts and improper fees.
The bank's third-quarter results "reflect the transformational changes we've been making at Wells Fargo," CEO Tim Sloan says.
