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8mo ago

Wells Fargo Beats Q3 Estimates as J&J Posts 91% Profit Jump

Wells Fargo's outlook reflects the Fed's June lifting of its asset cap.

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Overview

  • Wells Fargo reported $5.6 billion in net income, or $1.66 per share, exceeding the $1.55 consensus and rising 9.3% year over year.
  • The bank cut credit-loss provisions to $681 million from $1.07 billion a year earlier, citing improving credit performance and stronger card spending.
  • Fee income strengthened with investment-banking fees up 25% to $840 million and advisory and brokerage fees up 6% to $3.31 billion.
  • After regulatory relief, Wells Fargo raised its medium-term ROTCE goal to 17%–18% and said it has closed seven consent orders this year with one from 2018 still outstanding.
  • Johnson & Johnson earned $5.15 billion, or $2.12 per share, on $24 billion in revenue, led by $15.5 billion from Innovative Medicine and $8.4 billion from MedTech.