Costs, lower mortgage revenue weigh down Wells Fargo earnings

Costs, lower mortgage revenue weigh down Wells Fargo earnings

Higher personnel costs and legal fees, as well as lower mortgage banking revenue, have kept first-quarter net income at Wells Fargo & Co. broadly flat at $5.5 billion. Profit on a per share basis rose to $1.00 in the latest quarter from 99 cents a year earlier, beating the average analyst estimate of 97 cents. Total revenue fell about 1% to $22 billion. In related events, Wells Fargo says it expects to cut jobs to curb expenses.

Click to read...  Alevo to invest $251M in Concord plant, add 200 jobs
2
Like
Save
Privacy Policy | Terms of Service | Curation Policy | DMCA Policy