Sector: Financials|Industry: Banks - Diversified|Market Cap: $238.39B|Employees: 226K
Wells Fargo & Company is a leading financial services company providing a diversified set of banking, investment, and mortgage products and services. They operate through banking locations, the internet, and other channels, serving individuals, businesses, and institutions across all 50 states, the District of Columbia, and countries outside the U.S. The company's primary revenue streams are from consumer and commercial banking, corporate and investment banking, and wealth and investment management.
Total revenue decreased by 3% YoY to $20.149 billion, primarily due to a $732 million decrease in net interest income. This was partially offset by higher noninterest income.
Net income increased by 6% YoY to $4.894 billion, driven by a $447 million decrease in noninterest expense and a $442 million decrease in income tax expense.
Return on average assets (ROA) increased to 1.03% from 0.97% YoY. Return on average equity (ROE) increased to 11.5% from 10.5% YoY.