Why Shares of Wells Fargo Are Down Today
Shares of Wells Fargo & Co. (NYSE: WFC) traded down nearly 5% on Tuesday after the banking giant reported fourth-quarter results that came in below expectations. The company has spent the last few years trying to dig out from a mess caused by a fake-accounts scandal and a number of other regulatory and legal issues, and its new CEO made it clear Tuesday that Wells Fargo still has significant work ahead of it.
Before markets opened today, Wells Fargo reported fourth-quarter adjusted earnings of $0.93 per share on revenue of $19.86 billion, missing consensus estimates for $1.12 per share in earnings on revenue of $20.1 billion. In a statement, CEO Charlie Scharf, who took the top job at the bank in October, laid out his agenda for what he says needs to happen to transform the company.
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Source Fool.com
