Wells Fargo's 2Q earnings beat on cost cutting, more loans

By EarningsFOXBusiness

Wells Fargo CEO Tim Sloan to retire at the end of June

Wells Fargo CEO Tim Sloan is stepping down as CEO and will retire at the end of June.

Wells Fargo reported a 22 percent  increase in quarterly profit on Tuesday, helped by cost cutting.

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The bank reported 2Q profit of $1.30 per share, topping the estimate for $1.15. Revenue was $21.6 billion. The estimate was for $20.93 billion.

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Wells Fargo has worked for more than two years to recover from fines and investigations into inappropriate sales practices.

TickerSecurityLastChange%Chg
WFCWELLS FARGO & COMPANY44.42-1.20-2.63%
JPMJP MORGAN CHASE & CO.106.02-2.70-2.48%
GSGOLDMAN SACHS GROUP INC.196.20-6.22-3.07%

"In second quarter 2019, we recorded strong earnings and continued to make progress on our top priorities: focusing on our customers and team members; meeting the expectations of our regulators; and continuing the important transformation of our Company," said Interim Chief Executive Officer Allen Parker. "The commitment of our team members to provide outstanding customer service was reflected in higher customer experience survey scores from our branches, continued growth in primary consumer checking customers, and an increase in referred investment assets as a result of the partnership between our Wealth and Investment Management team and our Community Banking team."

In the year ago quarter, the bank reported profit $1.08 share on revenue was $21.5 billion.

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In this year’s first quarter, Wells Fargo reported a profit of $1.20 share on revenue of $21.6 billion.