Wells Fargo & Co on Friday reported an 86% jump in fourth-quarter profit, buoyed by gains from the sale of its corporate trust and asset management businesses.
The bank’s earnings were boosted by the sale of these activities to the tune of $943 million.
The fourth-largest US bank has been in the dock with regulators since 2016, when a sales practices scandal came to light, and has since paid billions in fines and restitutions.
Wells Fargo said profit rose to $5.8 billion, or $1.38 per share, in the three months ended Dec. 31 from $3.09 billion, or 66 cents per share, a year earlier. sooner.
Analysts had on average expected earnings of $1.13 a share, according to Refinitiv’s IBES estimate. (Reporting by Noor Zainab Hussain Bengaluru and Elizabeth Dilts-Marshall New York; editing by Sriraj Kalluvila)