Wells Fargo shares jumped over 2% in morning trading as Q4 profit rose on asset sales boost
Wells Fargo & Co reported an 86% jump in fourth-quarter profit on Friday, propped up by gains from the sale of its corporate trust and asset management businesses.
The bank's profit got a boost of $943 million from the sale of the businesses.
The fourth-largest U.S. bank has been in regulators' penalty box since 2016 when a sales practices scandal came to light and has since paid billions in fines and restitution.
Wells Fargo said profit rose to $5.8 billion, or $1.38 per share, in the three months ended Dec. 31, from $3.09 billion, or 66 cents per share, a year earlier.
Analysts on average had expected a profit of $1.13 per share, according to the IBES estimate from Refinitiv.
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