LISTEN LIVE
WATCH LIVE
WTMJ
Sunday, May 18, 2025
48.9 °f
Milwaukee
45.8 ° Mon
45.9 ° Tue
  • Home
  • News
    • All
    • Breaking News
    • Business
    • Crime
    • Decision Wisconsin
    • Education
    • Entertainment
    • Environment
    • Featured Stories
    • Government and Politics
    • Health
    • National
    • News Features
    • Wisconsin
    “It will not pass on my watch”: President Biden speaks exclusively with 101.7 The Truth’s Sherwin Hughes

    Former President Biden diagnosed with prostate cancer

    Milwaukee, Lake Geneva

    6 teens arrested after high-speed chase ends in Milwaukee Crash

    Bringing faith to the big top via circus ministry

    Bringing faith to the big top via circus ministry

    “Way Too Hard — But Worth It”: MSOE graduates reflect on challenge, growth, and what comes next

    “Way Too Hard — But Worth It”: MSOE graduates reflect on challenge, growth, and what comes next

    Severe Thunderstorm Warning Issued across east, south-east Wisconsin

    False alarm prompts Milwaukee alderman to call for metal detectors at City Hall

  • Weather
    • Closings and Delays
    • Flight Status
    • Interactive Radar
    • Watches and Warnings
  • Traffic
    • Driver’s Ed with Debbie
  • Sports
    • Milwaukee Brewers
      • Brewers All Access Podcast
    • Milwaukee Bucks
      • Bucks in 6 Minutes
      • Bucks Talk
      • Bucks Weekly: The Podcast
    • Green Bay Packers
      • Green & Gold Insiders Podcast
    • NCAA
  • On-Air
    • Wisconsin’s Morning News
      • Everyday Hero
    • Point Taken with Steve Scaffidi & Kristin Brey
      • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
    • The Upswing
    • Wisconsin’s Midday News
    • Wisconsin’s Afternoon News
      • America’s Music Cities Holiday with John Mercure & Collette
      • Kingdoms of Southeast Asia with John Mercure & Collette
    • What’s On Tap
      • Germany, Austria, & Czech Republic – Beer & Brewery Tour with Sandy Maxx & Journeys Connect
    • Wisconsin’s Weekend Morning News
    • The Truth: Unfiltered
    • WTMJ Conversations
    • The Mid-West Farm Report
  • Podcasts

    Wisconsin’s Morning News Podcast

    You Need To Listen Podcast

    You Need To Listen Podcast

    Brewers All Access Podcast

    WTMJ Conversations Podcast

    Point Taken with Steve Scaffidi & Kristin Brey

    Wisconsin’s Afternoon News Podcast

    Bucks Talk: The Podcast

    Bucks+ Audio Podcast

    Bucks+ Audio Podcast

    The Upswing

    What’s On Tap Podcast

    Scaffidiology Podcast

    The Truth: Unfiltered

    The Truth: Unfiltered

    Wisconsin’s Midday News Podcast

    Wisconsin’s Weekend Morning News Podcast

    Wisconsin’s Weekend Morning News Podcast

    Bucks Central Podcast

    Bucks Central Podcast

    • Wisconsin’s Morning News Podcast
    • Point Taken Podcast
    • The Upswing Podcast
    • Wisconsin’s Midday News Podcast
    • Wisconsin’s Afternoon News Podcast
    • Daily Download
    • What’s On Tap Podcast
    • Wisconsin’s Weekend Morning News Podcast
    • Decision Wisconsin Podcast
    • The Mid-West Farm Report Podcast
    • Featured Show Podcasts
      • The Accunet Mortgage and Realty Show Podcast
      • Drake & Associates Retirement Ready Podcast
      • Experience Wisconsin Podcast
      • The Fix-It Show Podcast
      • The Fox World Travel Show Podcast
      • Money Talk, The Annex Wealth Management Show Podcast
    • Brewers All Access Podcast
    • Milwaukee Bucks
      • Bucks in 6 Minutes
      • Bucks Weekly: The Podcast
      • Bucks Talk: The Podcast
    • Scaffidiology Podcast
    • WTMJ Conversations Podcast
    • WTMJ Extras Podcast
    • The Truth Unfiltered: The Podcast
    • Green & Gold Insiders Podcast
  • Specialty Shows
    • Experience Wisconsin
    • Fix It Show
    • Hired! The GKB Recruitment Show
    • Home Improvement Showcase
    • Sunday Sip
  • Partners
    • Events
      • Annex Wealth Management Webinar
      • Summerfest
      • Wisconsin State Fair
    • Features
      • Every Day Health
      • Experience Wisconsin
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
      • The Knowledge Brokers from R&R Insurance
      • Travel Wisconsin
    • Shows
      • Accunet Mortgage & Realty Show
      • Drake & Associates Retirement Ready Show
      • Fox World Travel Show
        • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Joshing Around Milwaukee Podcast
      • Money Talk, The Annex Wealth Management Show
      • What’s the Difference? with Gina Della
  • About
    • Schedule
    • Bios
    • Contests
    • History & Timeline
    • Advertise
    • Careers
    • Contact
No Result
View All Result
WTMJ
  • Home
  • News
    • All
    • Breaking News
    • Business
    • Crime
    • Decision Wisconsin
    • Education
    • Entertainment
    • Environment
    • Featured Stories
    • Government and Politics
    • Health
    • National
    • News Features
    • Wisconsin
    “It will not pass on my watch”: President Biden speaks exclusively with 101.7 The Truth’s Sherwin Hughes

    Former President Biden diagnosed with prostate cancer

    Milwaukee, Lake Geneva

    6 teens arrested after high-speed chase ends in Milwaukee Crash

    Bringing faith to the big top via circus ministry

    Bringing faith to the big top via circus ministry

    “Way Too Hard — But Worth It”: MSOE graduates reflect on challenge, growth, and what comes next

    “Way Too Hard — But Worth It”: MSOE graduates reflect on challenge, growth, and what comes next

    Severe Thunderstorm Warning Issued across east, south-east Wisconsin

    False alarm prompts Milwaukee alderman to call for metal detectors at City Hall

  • Weather
    • Closings and Delays
    • Flight Status
    • Interactive Radar
    • Watches and Warnings
  • Traffic
    • Driver’s Ed with Debbie
  • Sports
    • Milwaukee Brewers
      • Brewers All Access Podcast
    • Milwaukee Bucks
      • Bucks in 6 Minutes
      • Bucks Talk
      • Bucks Weekly: The Podcast
    • Green Bay Packers
      • Green & Gold Insiders Podcast
    • NCAA
  • On-Air
    • Wisconsin’s Morning News
      • Everyday Hero
    • Point Taken with Steve Scaffidi & Kristin Brey
      • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
    • The Upswing
    • Wisconsin’s Midday News
    • Wisconsin’s Afternoon News
      • America’s Music Cities Holiday with John Mercure & Collette
      • Kingdoms of Southeast Asia with John Mercure & Collette
    • What’s On Tap
      • Germany, Austria, & Czech Republic – Beer & Brewery Tour with Sandy Maxx & Journeys Connect
    • Wisconsin’s Weekend Morning News
    • The Truth: Unfiltered
    • WTMJ Conversations
    • The Mid-West Farm Report
  • Podcasts

    Wisconsin’s Morning News Podcast

    You Need To Listen Podcast

    You Need To Listen Podcast

    Brewers All Access Podcast

    WTMJ Conversations Podcast

    Point Taken with Steve Scaffidi & Kristin Brey

    Wisconsin’s Afternoon News Podcast

    Bucks Talk: The Podcast

    Bucks+ Audio Podcast

    Bucks+ Audio Podcast

    The Upswing

    What’s On Tap Podcast

    Scaffidiology Podcast

    The Truth: Unfiltered

    The Truth: Unfiltered

    Wisconsin’s Midday News Podcast

    Wisconsin’s Weekend Morning News Podcast

    Wisconsin’s Weekend Morning News Podcast

    Bucks Central Podcast

    Bucks Central Podcast

    • Wisconsin’s Morning News Podcast
    • Point Taken Podcast
    • The Upswing Podcast
    • Wisconsin’s Midday News Podcast
    • Wisconsin’s Afternoon News Podcast
    • Daily Download
    • What’s On Tap Podcast
    • Wisconsin’s Weekend Morning News Podcast
    • Decision Wisconsin Podcast
    • The Mid-West Farm Report Podcast
    • Featured Show Podcasts
      • The Accunet Mortgage and Realty Show Podcast
      • Drake & Associates Retirement Ready Podcast
      • Experience Wisconsin Podcast
      • The Fix-It Show Podcast
      • The Fox World Travel Show Podcast
      • Money Talk, The Annex Wealth Management Show Podcast
    • Brewers All Access Podcast
    • Milwaukee Bucks
      • Bucks in 6 Minutes
      • Bucks Weekly: The Podcast
      • Bucks Talk: The Podcast
    • Scaffidiology Podcast
    • WTMJ Conversations Podcast
    • WTMJ Extras Podcast
    • The Truth Unfiltered: The Podcast
    • Green & Gold Insiders Podcast
  • Specialty Shows
    • Experience Wisconsin
    • Fix It Show
    • Hired! The GKB Recruitment Show
    • Home Improvement Showcase
    • Sunday Sip
  • Partners
    • Events
      • Annex Wealth Management Webinar
      • Summerfest
      • Wisconsin State Fair
    • Features
      • Every Day Health
      • Experience Wisconsin
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
      • The Knowledge Brokers from R&R Insurance
      • Travel Wisconsin
    • Shows
      • Accunet Mortgage & Realty Show
      • Drake & Associates Retirement Ready Show
      • Fox World Travel Show
        • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Joshing Around Milwaukee Podcast
      • Money Talk, The Annex Wealth Management Show
      • What’s the Difference? with Gina Della
  • About
    • Schedule
    • Bios
    • Contests
    • History & Timeline
    • Advertise
    • Careers
    • Contact
No Result
View All Result
WTMJ
No Result
View All Result

Wells Fargo 4Q profit falls by half but tops expectations

by AP News
January 13, 2023, 7:43 am
in AP Business, AP News

By MATT OTT
AP Business Writer

Wells Fargo’s profit for the fourth quarter came in ahead of Wall Street’s targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years.

Wells earned $2.86 billion, or 67 cents per share, in the the last quarter of 2022. Analysts were expecting a profit of 60 cents per share. Last year, the bank earned $5.75 billion in the fourth quarter, or $1.38 per share.

Revenue of $19.66 billion fell short of Wall Street’s projections of $20 billion as well as the $20.86 billion logged in the same quarter last year.

Wells said the losses related to the regulatory matters were equal to about 70 cents per share.

The San Francisco-based bank also set aside an additional $397 million for its loan loss reserves in preparation for a potential economic downturn, which many economists are predicting as the Federal Reserve continues its aggressive rate hikes and monetary policy tightening to try to bring down inflation.

“We are planning for it to get worse than it’s been the past few quarters,” said Mike Santomassimo, Wells’ chief financial officer.

Shares in Well Fargo fell more than 4% in premarket trading.

Wells, which until recently was the biggest U.S. mortgage lender, said earlier this week it plans to drastically reduce its mortgage lending business. Wells said it is ending its correspondent lending business and reducing the size of its loan servicing portfolio to focus on its existing customers and expand its reach in underserved communities. Wells also introduced a handful of new credit card products last year and said it plans to roll out more in 2023.

Wells notched $13.4 billion in net interest income in the period, easily topping the $9.3 billion from the same period a year ago.

Wells, like other banks, has benefitted from the Federal Reserve’s aggressive interest rate hikes as the central bank tries to tamp down the highest inflation in four decades. Though there have been signs that inflation is easing, Fed officials have signaled that they may raise the central bank’s main borrowing rate another three-quarters of a point in 2023, which would bring it to a range of 5% to 5.25%.

Wells is still trying to exit the strict federal guidelines imposed in 2018 that sets its asset cap at just under $2 billion after a series of scandals, including the uncovering of millions of fake checking accounts its employees opened to meet sales quotas. That order was expected to last only a year or two, but additional scandals have surfaced and regulators have been skeptical about the bank’s efforts to clean up its act.

Just last month, Wells agreed to pay $3.7 billion to settle charges that it harmed customers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applying overdraft fees against savings and checking accounts.

Wells was ordered to repay $2 billion to consumers by the Consumer Financial Protection Bureau, which also enacted a $1.7 billion penalty against the San Francisco bank. It’s the largest fine ever leveled against a bank by the CFPB and the largest yet against Wells.

U.S. regulators found that in 2016, Wells employees opened millions of accounts illegally in order to meet unrealistic sales goals. Since then, executives have repeatedly said Wells is cleaning up its act, only for the bank to be found in violation of other parts of consumer protection law, including in its auto and mortgage lending businesses.

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Previous Post

MLK weekend to feature tributes, commitments to race equity

Next Post

AP Top Entertainment News at 8:49 a.m. EST

AP News

AP News

Next Post

AP Top Entertainment News at 8:49 a.m. EST

Connect with WTMJ on Social Media!

More Top Headlines

The Brewers snap the Twins 13 game winning streak in 5-2 win

by AP News
The Brewers snap the Twins 13 game winning streak in 5-2 win

MILWAUKEE (AP) — Jackson Chourio robbed Royce Lewis of a potential tying homer in the eighth inning, and the Milwaukee Brewers ended...

Read moreDetails

Former President Biden diagnosed with prostate cancer

by AP News
“It will not pass on my watch”: President Biden speaks exclusively with 101.7 The Truth’s Sherwin Hughes

WASHINGTON (AP) — Former President Joe Biden has been diagnosed with prostate cancer, his office said Sunday. Biden was seen...

Read moreDetails

6 teens arrested after high-speed chase ends in Milwaukee Crash

by Nazir Spencer
Milwaukee, Lake Geneva

WAUWATOSA, WI.,-- Six teens are in custody after a police chase that started in Wauwatosa and ended in a crash...

Read moreDetails

Sign Up For WTMJ Insiders Below:

Loading

Weather Currents

Milwaukee, United States of America
Sunday, May 18, 2025
Partly cloudy
48.9 ° f
74%
15.5mh
51 f 42 f
Mon
47 f 44 f
Tue
WTMJ

© 2025 Good Karma Broadcasting.

Navigate Site

  • Careers
  • Contact
  • EEO PUBLIC FILE REPORT
  • FCC Public File
  • FCC Applications
  • Terms of Use
  • Privacy Policy

Follow Us

No Result
View All Result
  • LISTEN LIVE
  • WATCH LIVE
  • Home
  • News
    • News
    • Local News
  • Weather
    • Weather
    • Watches and Warnings
    • Closings and Delays
    • Flight Status
  • Traffic
  • Sports
    • Sports
    • Green Bay Packers
    • Milwaukee Brewers
    • Milwaukee Bucks
  • Shows
    • Shows
    • Wisconsin’s Morning News
    • Point Taken with Steve Scaffidi & Kristin Brey
      • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
    • The Upswing
    • Wisconsin’s Midday News
    • Wisconsin’s Afternoon News
      • America’s Music Cities Holiday with John Mercure & Collette
      • Kingdoms of Southeast Asia with John Mercure & Collette
    • What’s On Tap
      • Germany, Austria, & Czech Republic – Beer & Brewery Tour with Sandy Maxx & Journeys Connect
    • Wisconsin’s Weekend Morning News
    • The Mid-West Farm Report
    • WTMJ Conversations
    • Featured Shows
      • Accunet Mortgage & Realty Show
      • Drake & Associates Retirement Ready Show
      • Every Day Health
      • Fix It Show
      • Hired! The GKB Recruitment Show
      • Money Talk, The Annex Wealth Management Show
  • Podcasts
  • Partners
    • Events
      • Annex Wealth Management Webinar
      • Summerfest
      • Wisconsin State Fair
    • Features
      • Every Day Health
      • Experience Wisconsin
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
      • The Knowledge Brokers from R&R Insurance
      • Travel Wisconsin
    • Shows
      • Accunet Mortgage & Realty Show
      • Drake & Associates Retirement Ready Show
      • The Fox World Travel Show
      • Joshing Around Milwaukee Podcast
      • Money Talk, The Annex Wealth Management Show
      • What’s the Difference? with Gina Della
  • Features
    • Features
    • Good Karma Give Back
  • Contests
  • Alexa

© 2025 Good Karma Broadcasting.