Wells Fargo 4Q profit falls by half but tops expectations

By MATT OTT
AP Business Writer

Wells Fargo’s profit for the fourth quarter came in ahead of Wall Street’s targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years. Wells earned $2.9 billion, or 67 cents per share, in the the last quarter of 2022. Analysts were expecting a profit of 60 cents per share. Last year, the bank earned $5.8 billion in the fourth quarter, or $1.38 per share. Wells said the losses related to the regulatory matters were equal to about 70 cents per share.