Wells Fargo & Company (NYSE:WFC) reported better-than-expected earnings for its third quarter on Friday.
It reported a GAAP EPS of $1.42, beating the consensus of $1.28. Revenue fell 2% to $20.37 billion. Analysts expected $20.41 billion.
CEO Charlie Scharf commented, "Our earnings profile is very different than it was five years ago as we have been making strategic investments in many of our businesses and de-emphasizing or selling others. Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds. We have maintained strong credit discipline and driven significant operating efficiencies ...
