Wells Fargo reported first-quarter 2020 earnings of 1 cent per share, including a reserve build of $3.1 billion and certain other items amid coronavirus scare. Wells Fargo shares tumble 5% after posting $2.4 billion loss, dividend slashed to 10 cents Published Tue, Jul 14 2020 7:56 AM EDT Updated Tue, Jul 14 2020 12:33 PM EDT Hugh Son @hugh_son Wells Fargo & Co. reported fourth-quarter earnings that were mixed, as the company continues to be hampered by the coronavirus pandemic, as well as ongoing issues at the bank. Email investorrelations@wellsfargo.com, EQ Shareowner Services The bank's earnings include a $781 million restructuring charge, a $757 million reserve release due to the sale of its student-loan portfolio and a $321 million hit due to the "impact of customer remediation accruals. Earnings season commences with three of the four largest U.S. banks reporting fourth-quarter 2020 results. Wells Fargo's fourth-quarter earnings per share of 64 cents exceeded Refinitiv's estimate of 60 cents. Revenue of $17.93 billion fell short of the $18.127 billion forecast. ET. SANFRANCISCO– October 14, 2020– Wells Fargo & Company (NYSE:WFC)reported net income of $2.0 billion, or $0.42per diluted common share, for third quarter 2020, compared with net income of $4.6 billion, or $0.92 per share,for third quarter 2019, and a net loss of $2.4 billion, or $0.66 per share, for second quarter 2020. It marked the fourth consecutive quarter of revenue declines. Earnings: 64 cents per share vs. Refinitiv estimate of 60 cents per share, Revenue: $17.93 billion vs. $18.127 billion forecast, Net interest income: $9.275 billion vs. $9.34 billion FactSet estimate. Please do not enter any personal or account information in this box. That includes a 25% slide in equity markets trading revenue. Jul. Here's how the numbers compared with Wall Street expectations: Shares of Wells Fargo dipped 4.7% before the opening bell. Our Investor Relations site is for informational purposes only. Please read Legal Disclaimers before using or relying on information on or available through this site. The bank's consumer banking and lending division saw revenue decline by 5% on a year-over-year basis to $8.61 billion from $9.08 billion. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. 3Q20 net income of $2.0 billion, up $4.4 billion linked quarter (LQ) on lower provision expense and higher noninterest income on broad-based growth including higher mortgage banking income, partially offset by lower net interest income and higher noninterest expense, which included Pre-tax results were impacted by the following: – Wall Street analysts see Wells Fargo reporting earnings of $0.59 per share on sales of $18.11 billion. With the completion of the third quarter, we now expect full-year 2020 net interest income … Wells Fargo in February 2020 agreed to pay $3 billion to settle criminal charges and a civil action stemming from its widespread mistreatment of customers in its community bank over a 14-year period. We want to hear from you. Call 1-415-371-2921 Seleccione el enlace si desea ver otro contenido en español. Potential investors in our securities should seek professional advice before they invest. We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. JPMorgan's quarterly numbers, released earlier Friday, beat estimates on the top and bottom lines. Print Information contained in a quarterly earnings release speaks only as of the date of the release. Results : EPS of 64 cents on revenue of $17.93 billion. Visit Shareowner Services. Sign up for free newsletters and get more CNBC delivered to your inbox. Learn More. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. Information contained in a quarterly earnings release speaks only as of the date of the release. Good morning. © 1999 - 2021 Wells Fargo. Wells Fargo Q4 2020 Earnings Preview. A man walks past a Wells Fargo Bank branch on a rainy morning in Washington. Data is a real-time snapshot *Data is delayed at least 15 minutes. Call 1-877-840-0492 NMLSR ID 399801. Got a confidential news tip? Corporate and investment banking revenue dropped 7% year over year to $3.11 billion from $3.329 billion. Wells Fargo's fourth-quarter earnings per share of 64 cents exceeded Refinitiv's estimate of 60 cents. Wells Fargo today reported earnings of roughly $3 billion, or $0.64 per diluted share, on total revenue of about $17.9 billion, beating analysts' estimates on profits but missing on revenue.. Charlie Scharf - CEO. When will it be time to place a long-term bet on Wells Fargo shares? Company Participants. Cassidy said Wells Fargo's ongoing restructure will be a big topic in Friday's earnings report. More than four years after the Wells Fargo fake-accounts scandal erupted, the bank reported Friday another $321 million of quarterly losses tied to customer refunds. Wells Fargo on Friday released mixed results for the fourth quarter, sending the bank's stock lower. Wells Fargo Quarterly Earnings; Wells Fargo Quarterly Earnings. We do not undertake any obligation to update the information, whether as a result of new information, future events or otherwise. For specific account-related questions or comments, please visit Customer Service. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Wells Fargo to Announce Fourth Quarter 2020 Earnings on January 15, 2021 Business Wire SAN FRANCISCO -- January 7, 2021 Wells Fargo & Company (NYSE: WFC), as … ET) July 14, 2020, at 8 a.m. PT (11 a.m. This is the first time results will reflect the bank's new structure with five lines of business. Investor Relations Fixed-income trading revenue was roughly flat from a year earlier. Wells Fargo revealed second-quarter figures on Tuesday that detailed the firm's first quarterly loss since 2008. Wells Fargo Earnings Estimates : Wells Fargo earnings were seen sliding 37% to 59 cents a share, with sales down 9% to $18.02 billion. Get this delivered to your inbox, and more info about our products and services. Wells Fargo Earnings and Options Activity . 8-K with revised historical financial information (PDF). SAN FRANCISCO-- (BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC), as previously announced, will report its third quarter 2020 earnings results on Wednesday, October … John Campbell - Director, IR. Revenue sank 14.3% compared to the same three-month period a year ago. © 2021 CNBC LLC. ... 2020 Earnings. The information could be out of date and no longer accurate. Shares of Wells Fargo shares rallied more than 28% in the fourth quarter as the rollout of Covid vaccines and the prospects for more fiscal stimulus raised hope for a strong economic recovery. We're sorry, but some features of our site require JavaScript. Wells Fargo reported an EPS decline of 54.7% in Q3 FY 2020. Wells Fargo & Company (NYSE:WFC) Q4 2020 Results Conference Call January 15, 2021 10:00 AM ET. Navegó a una página que no está disponible en español en este momento. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Wells Fargo (NYSE: WFC) is scheduled to announce Q4 earnings results on Friday, January 15th, before market open. "With a more consistent broad-based recovery and as we continue to press forward with our agenda, we expect you will see that this franchise is capable of much more.". ", "Although our financial performance improved and we earned $3.0 billion in the fourth quarter, our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us," CEO Charlie Scharf said in a statement. "We have clarified our strategic priorities and are exiting certain non-strategic businesses; and we have identified and are implementing a series of actions to improve our financial performance.". Citigroup's earnings were mixed. Selecione Cancele para permanecer en esta página o Continúe para ver nuestra página principal en español. Q4 2020. Forward-looking information contained in a quarterly earnings release is subject to risks and uncertainties. We cannot address customer service questions here. Wells Fargo & Co.’s profit rose 4% in the final three months of the year. Revenue from its commercial banking business came in at $2.388 billion, down 18% from $2.9 billion in the year-earlier period. All Rights Reserved. We are unable to contact you about your comments. View WFC financial statements in full. Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Q4 2020 Earnings Call Jan 15, 2021, 10:00 a.m. 14, 2020, 07:06 PM. The troubled bank is set to report fourth quarter fiscal 2020 earnings results before the opening bell Friday. JPMorgan Chase, Wells Fargo, and Citigroup will all announce earnings today. All rights reserved. Refer to the release for more information about forward-looking statements and to our reports filed with the SEC for some of the factors that might cause results to differ from expectations. Revenue of $17.93 billion fell short of the $18.127 billion forecast. Wells Fargo & Company (NYSE: WFC) announced today its expected earnings release dates and conference call information for the first, second, third, and fourth quarters of 2020: For the period Earnings Release Conference Call Date and Time First Quarter 2020 Second Quarter 2020 April 14, 2020, at 7 a.m. PT (10 a.m. Wells Fargo & Co. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. Despite the sharp gain, Wells shares still lagged those of JPMorgan Chase, which rose nearly 32% in the same time period. A Division of NBCUniversal. Wells Fargo is expected to report adjusted earnings of $0.59, vs. $0.60 in the prior-year quarter, on revenue of $18.1 billion, according to … Please enable JavaScript on your browser and refresh the page. The first nine months of 2020, our net interest income was $30.6 billion. Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of … Wall Street expects a year-over-year decline in earnings on lower revenues when Wells Fargo (WFC Quick Quote WFC - Free Report) reports results for the quarter ended December 2020… "We have prioritized and are moving forward on our risk and control buildout," Scharf said. Sank 14.3 % compared to the same three-month period a year ago banks reporting fourth-quarter 2020..: Operator analysis, and more info about our products and services are offered through wells Fargo 's earnings! 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