Wells Fargo & Co WFC shares are trading nearly flat on Friday. Yesterday, the company disclosed the termination of a consent order issued in 2016 regarding sales practices misconduct by the Office of the Comptroller of the Currency (OCC).
The consent order required the bank to refurbish how it offers and sells products and services to consumers and take additional actions to protect its customers and employees.
Charlie Scharf, Wells Fargo’s CEO, who joined the company in 2019, said, “I have repeatedly said that implementing a risk and control framework appropriate for a bank of our size and complexity is our top priority, and closing consent orders is an important sign of our progress. This is the sixth consent order that our regulators have terminated since 2019.”
Last month, Wells Fargo reported a GAAP EPS of $0.86, beating the consensus of $0.71, and revenue rose 2% to $20.48 billion. Analysts expected $20.28 billion.
For fiscal year 2024, Wells Fargo expects net interest income could potentially be ~7-9% lower than the full year 2023 level of $52.4 billion.
Price Action: WFC shares are up 0.12% at $52.10 on the last check Friday.
Photo via Wikimedia Commons
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