Wells Fargo reported Q3/17 net income of $4.6 billion was down 18.5% from $5.6 billion for the same quarter in 2016. Revenue of $21.9 billion was down from $22.3 billion a year earlier. The bank noted that Q3/17 included a $1 billion discrete litigation accrual for previously disclosed mortgage-related regulatory investigations.
The following highlights were excerpted from the news release:
CEO Tim Sloan said, “Over the past year we have made fundamental changes to transform Wells Fargo as part of our effort to rebuild trust and build a better bank. While our financial performance in the third quarter included the impact of a litigation accrual for previously disclosed, pre-crisis mortgage–related regulatory investigations, I’m proud of the commitment of our 268,000 team members who put our customers first. We saw total average deposit growth; loan growth in our residential mortgage, credit card and subscription finance portfolios; as well as higher assets under management in Wealth and Investment Management. We’re also committed to helping our communities recover from the devastation of the recent hurricanes by providing payment relief and proactively waiving fees for impacted customers, and our foundation donated $2.6 million for hurricane relief.”
To read the Wells Fargo news release: click here.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!