Wells Fargo revenue declines as loan balances shrink again [Business News Network (BNN) Energy & Resources (Canada)]
Citigroup, Inc. (C)
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Source: Business News Network
Wells Fargo revenue declines as loan balances shrink again In what’s proving to be a year of growth for the biggest U.S. banks, Wells Fargo & Co.’s ( WFC.N ) scandal overhang is keeping it from joining the party. Revenue fell more than expected in the fourth quarter, bringing the bank to an annual drop as peers saw increases. Revenue declined 5 per cent in the fourth quarter, the third decrease in the past year. Key Insights -Another drop in both loans and deposits shows that Wells Fargo is still struggling to bounce back from the scandals as it also faces a regulatory asset cap. Total average loans sank 1 per cent, while average deposits fell 3 per cent. Meanwhile, Citigroup Inc. and JPMorgan Chase & Co. showed growth in both metrics in the fourth quarter. -Provisions for bad loans fell 20 per cent, the ninth consecutive quarterly decline and a sign of strength in the economy even amid rising rates and turbulent markets. -Efficiency ratio, a measure of profitability, worsened sligh
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