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October 15, 2019 at 04:44 PM
Wells Fargo missed earnings estimates as it recorded a $1.6 billion charge in the third quarter tied to litigation expenses. The bank reported profits of $4.61 billion, or $0.92 per share, versus net income of $6.01 billion, or $1.13 per share, a year ago.
Interim CEO Allen Parker said the bank “continued to make progress on our top priorities … , and we’re all looking forward to Charlie Scharf’s joining Wells Fargo on Oct. 21 as the company’s chief Executive Officer and president,” adding that the firm has “more work ahead.”
(See A Timeline of Wells Fargo Scandals.)
The Wealth and Investment Management unit had 13,723 financial advisors as of Sept. 30, down 76 from the earlier quarter and off 751 from a year ago. It is also a drop of 1,363 from Sept. 30, 2016, when news of some 1.5 million fake accounts and 500,000 credit cards in Wells Fargo’s retail bank operations came to dominate headlines.
The wealth unit had net income of $1.3 billion, up 75% from a year ago thanks to a $1.1 billion gain on the sale of its Institutional Retirement & Trust business to Principal Financial Group.
