Wells Fargo benefit fell 13% in 2019

Last year the US bank obtained about 17,938 million dollars, which corresponds to a drop in revenue

The US bank Wells Fargo accounted for a net attributable profit of $ 17,938 million in the whole of 2019, which represents a 13% drop compared to the previous year, according to the results published on Tuesday by the entity.

The president and CEO of the firm, Charles Scharf, who has only been in office for three months, said the company will carry out a program to cut costs to improve profitability.

“Despite my short period of time in the company, it is clear that there are opportunities to improve our performance,” said Wells Fargo’s first executive.

“Our cost structure is very high, and I think there are many areas that will be able to increase our growth rate”, he added.

The bank’s revenues in the twelve months contracted by 2%, up to 85,063 million dollars. Specifically, net interest income decreased 6%, to $ 47,231 million. That fall could not be compensated by the invoicing coming from commissions and intermediation, which advanced 4%, to 37,832 million dollars.

K. Tovar

Source: Estrategia y Negocios

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