Wells Fargo & Company (NYSE:WFC) reported fourth-quarter net income of $6.1 billion, compared with $6.2 billion in fourth quarter 2017. Diluted earnings per share (EPS) were $1.21, compared with $1.16. Revenue was $21.0 billion, down from $22.1 billion
According to CEO Tim Sloan, "I’m proud of the transformational changes we made at Wells Fargo during 2018 including significant progress on our six goals. We have made meaningful improvements to how we manage risk across the company, particularly operational and compliance risk.
"We improved customer service which resulted in both ‘Customer Loyalty’ and ‘Overall Satisfaction with Most Recent Visit’ branch survey scores reaching a 24-month high in December.
"I’m confident that we’ll continue to make Wells Fargo even better in 2019."
Wells Fargo is still working through its regulatory issues after the Federal Reserve reportedly rejected its plan to prevent more consumer abuses at the bank. It is also in the midst of a cost cutting plan, including the elimination of up to 10% of its headcount.
Investors are listening for what bank executives say about the direction of interest rates this year after four Federal Reserve rate hikes in 2018. They are also likely looking for guidance on 2019 revenue expectations given a probable slow down in U.S. economic growth.
Rising short-term rates have narrowed the profits banks make of key activities like lending, and revenue from bond trading was lackluster at the end of last year.
Shares hesitated 74 cents, or 1.5%, to $47.68
