Daily Management Review

Wells Fargo Sees A 26% Slump In Quarterly Profit


Additional legal expenses cost Wells Fargo a portion of its profit.

On Tuesday, 15 October 2019, Wells Fargo & Co revealed that it saw a slip of twenty six percent in its quarterly profit. The profit slump is seen as the lender had to shell out an additional amount as legal expenses for a “sales practices scandal” which took place over “three years ago”.
According to Reuters:
“Net income applicable to common stock fell to $4.04 billion, or 92 cents per share, in the third quarter ended Sept. 30, from $5.45 billion, or $1.13 per share, a year earlier”.
The analysts’ forecast were at “$1.15 per share” of profit as per the “IBES data from Refinitiv”, although it is not clear yet if the above mentioned “numbers were compatible”.
Wells Fargo is based out of San Francisco which had newly appointed Charles Scharf in the post of its “top boss”. Scharf was “Jamie Dimon protégé” one-time who is known in Wall Street as “detail-oriented number cruncher” excelling “in streamlining operations”.

Science & Technology

UK trials new breathing aid developed by Mercedes Formula One

Uber sues Los Angeles authorities over user data collection

Google Introduces New Coronavirus Website

WHO Warns That The Youth Are ‘Not Invincible' To The Novel Coronavirus

Chinese software company learns to recognize 95% of masked faces

World's largest retailer to use 5G for medical services

SpaceX Receives Approval To Create Research & Manufacturing Facility In Los Angeles

JPMorgan: Transition to e-money will be based on blockchain

Tesla In Advance Talks With CATL For Using Lithium Batteries

Financial giants and US government turn to quantum computers

World Politics

World & Politics

Aerospace Consortium To Build Ten Thousand Ventilator In Britain

US Ambassador To UK Holds China Responsible For Global Spread Of Coronavirus

China to lift quarantine in Wuhan on April 8

British Government Hires Former Nestle’s Executive For ‘War Room’ Food Security

Canada, Australia refuse to send athletes to Olympics 2020

Plans For A Possible Delay Of Olympics Being Formulated By Tokyo Organizers: Reuters

Maduro says Venezuela will receive UN assistance to fight coronavirus

2 Million Masks For Coronavirus Crisis In Europe Donated By Jack Ma