Wells Fargo Earnings

With Changes To Home Lending Business, Wells Fargo Expects Profitability To Improve

Posted on by TMN Editor
By KIMBERLEY HAAS Wells Fargo released its fourth quarter 2023 financial results on Jan. 12 and leaders there say as they continue to streamline their home lending business profitability will improve. The company reported a net income of $3.4 billion, or $0.86 per diluted share. CEO Charlie Scharf said in his comments that the continued execution of their more focused home lending strategy should produce higher returns and earnings over the next several years. “As we look forward, our business performance remains sensitive to interest rates and the health of the U.S. economy, but we are confident that the actions we are taking will drive stronger returns over the cycle,” he said. Scharf said their new credit card products have…

Wells Fargo Earnings Down By 50% YOY In Q4 2022

Posted on by TMN Editor
Wells Fargo’s net earnings dropped in Q4 2022, pushed down by a settlement and the pressures of a shrinking economy. The bank announced that its net income fell to $2.86 billion, or 67 cents a share. This is half of its profits from the same time last year, which came in at $5.75 billion, $1.38 per share. Leaders at Wells Fargo noted that the decline was driven by the fall-off in mortgage demand. Its home lending was down 57% from Q4 2021. The bank announced this week that it is narrowing its home lending business, exiting the correspondent lending channel and shrinking its servicing portfolio. This move will force a round of layoffs, but it is unclear how many jobs…