Wells Fargo: heavy charge weighs on quarterly profit

(CercleFinance.com) - Wells Fargo on Friday reported quarterly results, which were hurt by a heavy charge related to regulatory and legal issues.


The California-based bank said it had set aside 3.3 billion dollars to settle several disputes with the Consumer Financial Protection Bureau (CFPB), including those related to its auto and mortgage lending business.

In its statement, Wells Fargo refers to an "important" step to put behind it the problems of the past.

Including this amount, Q4 net income reached 2.86 billion dollars, compared to 5.75 billion dollars in Q4 2021.

Quarterly EPS came in at $0.67, compared to the $0.66 expected by consensus.


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