Bengaluru/New York — Wells Fargo reported quarterly revenue that missed analysts’ estimates on Tuesday, as revenue across all its banking units declined, especially at community banking, the unit at the centre of its 2016 sales scandal. Shares of the San Francisco-based lender were down 1.22% at $48.42 in early trading. The bank's total revenue fell 5% to $20.98bn in the fourth quarter, while consumer loans fell 3%. Analysts on average were expecting revenue of $21.73bn, according to IBES data from Refinitiv. Wells managed to make good on its promise to reduce costs to combat expenses related to its sales scandal. Noninterest expenses fell 21% to $13.34bn. For the year, expenses declined 4% to $56.13bn, but were higher than $54.5bn target the bank had set in 2018. CFO John Shrewsberry reiterated that the bank was "on track" to meet its 2019 expense target. Net income applicable to shareholders was $5.71bn, or $1.21 per share, in the fourth quarter ended December 31, compared with $5...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now