Wells Fargo reported full year 2016 net income of $21.9 billion, down 4.4% from $22.9 billion a year earlier. Total revenue of $88.3 billion was up 3% from $86.1 billion in 2015.
The following highlights were excerpted from the news release:
Wells Fargo CEO Tim Sloan said, “We continued to make progress in the fourth quarter in rebuilding the trust of our customers, team members and other key stakeholders. I am pleased with the progress we have made in customer remediation, the ongoing review of sales practices across the company and fulfilling our regulatory requirements for sales practices matters. As planned, we launched our new Retail Bank compensation program this month, which is based on building lifelong relationships with our customers. While we have more work to do, I am proud of the effort of our entire team to make things right for our customers and term members and to continue building a better Wells Fargo for the future.”
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!