trending Market Intelligence /marketintelligence/en/news-insights/trending/rv5QIpkX0pU8-vB8MOfbZw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Wells Fargo EPS misses estimates due to accrual for mortgage probes

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Wells Fargo EPS misses estimates due to accrual for mortgage probes

Wells Fargo & Co. reported third-quarter net income of $4.6 billion, or 84 cents per share.

The S&P Capital IQ consensus estimate for normalized EPS was $1.03.

The results included a $1 billion litigation accrual for "previously disclosed mortgage-related regulatory investigations," the company noted in a press release. The accrual lowered EPS for the quarter by 20 cents.

Wells Fargo had a turbulent third quarter. Among other things, a third-party review determined that its fake-account scandal was much bigger than originally estimated. Wells also said during the quarter that it expects to pay $80 million in refunds to auto loan customers over improper charges for collateral protection insurance.

In the third quarter of 2016, Wells Fargo reported net income of $5.64 billion, or $1.03 per share.

Details to follow.