{"id":1805601,"date":"2023-01-14T08:49:51","date_gmt":"2023-01-14T13:49:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1805601"},"modified":"2023-01-14T08:54:16","modified_gmt":"2023-01-14T13:54:16","slug":"wells-fargo-had-50-profit-loss-during-fourth-quarter","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wells-fargo-had-50-profit-loss-during-fourth-quarter\/","title":{"rendered":"Wells Fargo Had 50% Profit Loss During Fourth Quarter"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwells-fargo-had-50-profit-loss-during-fourth-quarter%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1805601&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Doug Eldridge is a sports agent and shares his insights on why Disney could drop ESPN in 2023. He also explains how they are gearing themselves to appeal to younger viewers. \u2018Fox Business Tonight.\u2019<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>These are the following <a href=\"https:\/\/www.foxbusiness.com\/category\/wells-fargo\" target=\"_blank\" rel=\"noopener\">Wells Fargo<\/a> $3 billion fine for financial scandal. Bank reported a 50% loss of profit in the fourth quarter.\u00a0<\/p>\n<p>Wells Fargo&#8217;s stock in remarket fell 4% on Friday morning after the news of the profit loss.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/category\/politics\/finance\/banking\" target=\"_blank\" rel=\"noopener\">Quarterly earnings of the bank<\/a> Report indicated that Dec. 31&#8217;s profit per share was 67 cents, which is considerably less than the $1.38 pershare for the same period last fiscal year.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/12\/931\/523\/BUSINESS-Former-Wells-Fargo-execs-.jpg?ve=1&#038;tl=1\" alt=\"image\"   style=\"display:none\"><\/div>\n<\/p><\/div>\n<p>Wells Fargo had a credit loss provision of $452 million last fiscal year. But, that number jumped to $957million in the fourth quarter. Investors are expecting a slowdown in the economy and a possible recession to cause the boosted loan reserves. \u00a0<\/p>\n<p>&#8220;Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns,&#8221; Charlie Scharf, CEO of Wells Fargo.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/economy\/goldman-sachs-lay-off-3200-people-this-week\" target=\"_blank\" rel=\"noopener\"><strong><u>GOLDMAN SACHS WILL LAY OFF AS MUCH AS 3200 EMPLOYEES THIS WEEK<\/u><\/strong><\/a><\/p>\n<p>&#8220;Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but <a href=\"https:\/\/www.foxbusiness.com\/category\/credit-cards\" target=\"_blank\" rel=\"noopener\">credit quality remained strong<\/a>, and we continue to make progress on our efficiency initiatives,&#8221; Scharf also added.\u00a0<\/p>\n<p>Fed policymakers raised interest rates to keep inflation under control in the second half of last year. This led to more banks stocking up for rainy day funds.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/markets\/former-wells-fargo-execs-ordered-pay-18-5m-fake-accounts-scandal\" target=\"_blank\" rel=\"noopener\"><strong>FORMER WELLS EXECS ORDERED BY FAKE ACCOUNTS SCANDAL TO PAY $18.5M<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2023\/01\/931\/523\/Wells-fargo-recession-e1673376202630.jpg?ve=1&#038;tl=1\" alt=\"Man using wells fargo atm\" \/><\/div>\n<div class=\"caption\">\n<p><span>Friday&#8217;s earnings report from Wells Fargo revealed a loss of 50% in fourth quarter profits.\u00a0<\/span><span> (Reuters \/ Reuters Photos).<\/span><\/p>\n<\/div>\n<\/div>\n<p>Wells Fargo was hit with a $3.7B penalty for a six-year-old scandal that involved the bank&#8217;s mismanagement. <a href=\"https:\/\/www.foxbusiness.com\/markets\/wells-fargo-pay-three-point-seven-billion-criminal-mismanagement-loans\" target=\"_blank\" rel=\"noopener\">Car loans and mortgages<\/a> As well as fake bank account.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/apps-products?pid=AppArticleLink\" target=\"_blank\" rel=\"noopener\"><strong>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/strong><\/a><\/p>\n<p>At the end 2022, <a href=\"https:\/\/www.foxbusiness.com\/financials\" target=\"_blank\" rel=\"noopener\">U.S. Consumer Financial Protection Bureau<\/a> In order to settle the case, we imposed a heavy penalty.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Doug Eldridge is a sports agent and shares his insights on why Disney could drop ESPN in 2023. He also explains how they are gearing themselves to appeal to younger viewers. \u2018Fox Business Tonight.\u2019 These are the following Wells Fargo $3 billion fine for financial scandal. Bank reported a 50% loss of profit in the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1805604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[7405,5458,7488,7032,6169,7116,7509,3819],"class_list":["post-1805601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-7405","tag-bongino","tag-fargo","tag-fourth","tag-loss","tag-profit","tag-quarter","tag-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1805601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1805601"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1805601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1805604"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1805601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1805601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1805601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}