Wells Fargo & Co WFC shares are holding steady on Friday despite the termination of a 2016 consent order issued by the Office of the Comptroller of the Currency (OCC).
The consent order was the result of sales practices misconduct and mandated the bank to restructure its approach to offering and selling products and services to consumers, as well as take additional measures to safeguard its customers and employees.
Charlie Scharf, Wells Fargo’s CEO, who assumed the position in 2019, commented, “I have repeatedly said that implementing a risk and control framework appropriate for a bank of our size and complexity is our top priority, and closing consent orders is an important sign of our progress. This is the sixth consent order that our regulators have terminated since 2019.”
Wells Fargo recently reported a GAAP EPS of $0.86, surpassing the consensus forecast of $0.71, with a 2% increase in revenue to $20.48 billion. Analysts had anticipated revenue of $20.28 billion.
For fiscal year 2024, Wells Fargo projects a potential 7-9% decrease in net interest income compared to the full year 2023 level of $52.4 billion.
Price Action: WFC shares are up 0.12% to $52.10 at the time of the latest check on Friday.
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