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Wells Fargo reported better-than-expected quarterly results on Friday, sending the stock higher in the premarket.
Here’s how the company’s results compared to Wall Street’s expectations:
- Earnings: $1.20 per share vs $1.09 per share expected by Refinitiv
- Revenue: $21.609 billion vs $21.012 billion forecast
Shares of Wells Fargo traded 2.1% higher on the news.
The company’s report follows the departure of CEO Tim Sloan on March 28. Sloan worked at Wells for 31 years. Allen Parker, Wells Fargo’s general counsel, took over as the company’s interim CEO.
Sloan’s departure took many by surprise as he was awarded a raise for his work in 2018. Sloan also replaced John Stumpf as CEO in 2016 right as the scandal emerged that employees created millions of fake accounts to meet sales quotas. That news also exposed other flaws across the bank’s other businesses.
Sloan also told CNBC that he, along with the Wells Fargo board and all of the company’s employees, thought he was doing a great job.
Wells Fargo shares have underperformed their competitors this year. The stock is up about 4% in 2019, while Bank of America and J.P. Morgan Chase are up more than 18% and 9%, respectively.
