Wells Fargo: thud eps IV quarter -51%, US bank pays maxi charge for current accounts scandal

Wells Fargo announced it reported Q4 2022 EPS down 51.4% y/y at 67 cents, better than 60 cent estimates.

The US bank’s revenue fell 5.7% year over year to $19.66 billion, slightly below the $19.9 billion expected by the consensus of analysts polled by FactSet.

The $3.7 billion maxi charge linked to the plea agreement that Wells Fargo reached with the federal authorities of the United States, to close the lawsuit that saw the giant specialized in the mortgage market protagonist of the ghost current account scandal, weighed heavily (involving more than 16 million people). The title loses almost 4% in pre-market on Wall Street.