Wells Fargo shares rise even as bank's profits cut in half by higher reserves, settlement costs
Publishing timestamp: 2023-01-13 12:38:34
Summary
Wells Fargo reported a 50% decrease in net income due to a recent settlement and need to build up reserves amid a deteriorating economy. The bank set aside $957 million for credit losses and announced earlier this week that it would retrench from the US mortgage market. Despite the decrease in profits, the stock erased earlier losses to trade 2% higher in Friday's trading. The CEO said that rising interest rates drove strong net interest income growth and credit quality remained strong.
Sentiment: NEUTRAL
Tickers: WFC,
Keywords: investment strategy, stock markets, breaking news: investing, wells fargo & co, earnings, wall street, business news, markets, breaking news: business, breaking news: markets,
Source: https://www.cnbc.com/2023/01/13/wells-fargo-wfc-q4-earnings-2022.html