Wells Fargo on Tuesday reported fourth-quarter profits and revenues that fell short of Wall Street’s expectations.
- Earnings: 93 cents per share versus $1.12 per share expected
- Revenue: $19.86 billion versus $20.14 billion expected
The results, which reflect the bank’s performance for the three months ended Dec. 31, mark Wells Fargo’s first quarter under new management. Charles Scharf took over as Wells Fargo’s chief executive in October, replacing Tim Sloan and charged with navigating the bank through a host of regulatory issues that have kept costs elevated.