Why Shares of Wells Fargo Are Volatile Today
Shares of Wells Fargo (NYSE: WFC) traded as much as 5.5% lower earlier this morning after the bank announced earnings results for the fourth quarter of 2022. However, as of 11:03 a.m. ET today, the stock had pared most of those losses and only traded slightly down for the day.
In the fourth quarter, Wells Fargo reported $0.67 per diluted common share on total revenue of $19.7 billion. Earnings slightly beat analyst estimates, but revenue missed.
The quarter was significantly impacted by $3.3 billion in charges related to litigation, regulatory, and customer remediation issues, primarily tied to past matters relating to the phony-accounts scandal. As you might recall, Wells Fargo reached a $3.7 billion settlement with the Consumer Financial Protection Bureau in December 2022 due to past transgressions in its mortgage and auto lending units.
Source Fool.com
