Wells Fargo & Co. posted a small rise in quarterly profit on Friday, January 15, that beat Wall Street estimates, as stabilizing credit costs helped buffer historic near-zero interest rates meant to prop up the ailing economy during the COVID-19 pandemic.
Wells Fargo paid $321 million in customer remediation costs in the quarter, despite bank executives repeatedly signaling that the worst of the fallout, which has cost it billions, is in the past.Charlie ScharfScharf has targeted $10 billion in savings annually over the long term. The bank has also been offloading assets, including a possible sale of its asset management business to a private equity consortium.
But it has operated under a dark cloud since 2016, when details emerged about millions of phony accounts employees had created in customers' names without their permission to hit sales targets. "Our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us," Scharf said in a statement.
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