Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial. It provides retail, commercial and corporate banking services through banking locations and offices, the Internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in other countries. It provides other financial services through its subsidiaries engaged in various businesses, including wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing services, investment advisory services, mortgage-backed securities servicing and venture capital investment.
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Wells Fargo falls $200m short of its quarterly revenue estimates amid rising mortgage rates that negatively affected banking firms.
It looks like this big bank is Wells on its way to a comeback after outshining its counterparts with Q4 earnings and hitting three year highs.
Big banks gave the S&P 500 its best day since March, and Wells Fargo does its bit by beating expectations for third quarter earnings, reporting a profit increase of over 60% and sending prices edging down.
Three decades after first investing in the bank, Warren Buffet dumps most of his remaining Wells Fargo shares, sending prices down just over 2%.
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