David Paul Morris | Bloomberg | Getty Images
Tim Sloan, president and chief executive officer of Wells Fargo & Co.
Wells Fargo reported third quarter revenue that missed expectations Friday, sending shares lower in premarket trading.
The bank reported:
- Earnings per share of $1.04, ex-items, vs. the $1.03 a share expected by analysts polled by Reuters.
- Revenue of $21.93 billion, vs. $22.4 billion expected.
The adjusted earnings per share excludes 20 cents of charges related to litigation.
Wells Fargo has struggled to recover from a massive consumer sales scandal last year that resulted in hundreds of millions of dollars in penalties and the resignation of then-CEO John Stumpf.
The new CEO, Tim Sloan, has since grappled with revelations of more fraudulent consumer accounts and a shakeup of board members.
Wells Fargo shares are up just 0.2 percent for the year. In contrast, the Financial Select Sector SPDR Fund (XLF) has climbed 12 percent to highs not seen since 2007.
Bank of America also reported earnings on Friday before the bell, beating expectations on the top and bottom lines.
Source : cnbc.com
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