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Wells deposits fell less than expected, reaching $ 1.3 trillion. Loans reached $ 950.1 billion, which is about expectations.
However, not all Wells Fargo figures were positive.
Non-performing badets of Wells Fargo totaled $ 7.3 billion, well above the estimated $ 6.77 billion of StreetAccount. The bank's efficiency ratio was also higher than expected, reaching 64.4% for the quarter. A higher efficiency ratio indicates that a bank spends more money than it earns.
The company's report follows the departure of CEO Tim Sloan on March 28. Sloan worked for 31 years in Wells. Allen Parker, Wells Fargo's General Counsel, has been appointed Acting Managing Director of the company.
"We still have work ahead of us," Parker said in a statement on Friday. The company's efforts "are focused on creating a world-clbad organization with a strong financial base, a leading presence in our chosen markets, targeted growth in a responsible risk management framework, operational excellence, and strong team members. Highly committed team. "
Sloan's departure was a big surprise, as he received a salary increase for his work in 2018. Sloan replaced John Stumpf as CEO in 2016 following a scandal in which employees created millions false accounts to respect sales quotas. This news also revealed flaws in the other activities of the bank.
Sloan also told CNBC that he, Wells Fargo's board of directors and all of the company's employees, felt he was doing a great job.
Wells Fargo shares underperformed their peers this year. The stock rose about 4% in 2019, while Bank of America and JP Morgan Chase rose more than 18% and 9%, respectively.
J.P. Morgan also announced the first quarter results on Friday. He showed record profits and revenues.
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