Wells Fargo Posts Positive Q3 Earnings

Oct 15, 2021 By MarketDepth

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Wells Fargo (NYSE: WFC) reported better-than expected third quarter earnings on Thursday after freeing up money it had separated to pay for loan losses as the economy continues to recover from the ongoing coronavirus pandemic. According to the bank, it freed up USD1.7 Billion, after keeping that money in reserves since early 2020.

Higher Revenue

The company reported earnings of USD1.22 a share, compared to the estimated USD0.99 per share. Revenue amounted to USD18.83 Billion, higher than analysts anticipated USD18.35 Billion.

“The actions we’re taking to improve operating effectiveness and financial returns are coming through in our results, in addition to the benefits we’re experiencing from the economic recovery.”

CEO Charlie Scharf

Furthermore,  according to the Office of the Comptroller of the Currency, the multinational financial services company paid off a USD250 Million fine it had been given for “unsafe or unsound practices” linked to its loan modification program.

“We are a different company today and the operational and cultural changes we’ve made are enabling us to execute with significantly greater discipline than we have in the past. I believe we are making significant progress, and I remain confident in our ability to continue to close the remaining gaps over the next several years, though we may continue to have setbacks along the way.”

CEO Charlie Scharf

Wells Fargo shares have risen over 50% throughout the year and has a current market cap of USD195.75 Billion.