Wells Fargo reported Q3/18 net income of $6.01 billion, up 32% from $4.54 billion for the same quarter a year earlier. Total revenue of $21.94 billion was up 2% from $21.85 billion in Q3/17.
Highlights from the report were:
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“In the third quarter, we continued to make progress in our efforts to build a better Wells Fargo with a specific focus on our six goals: risk management, customer service, team member engagement, innovation, corporate citizenship and shareholder value,” said CEO Tim Sloan. “We are strengthening how we manage risk and have made enhancements to our risk management framework. We also continued to make progress on customer remediation, which is an important step in our efforts to rebuild trust.
“In addition, to better serve our customers and help them succeed financially, we launched Control Tower, a digital experience that simplifies our customers’ online financial lives, and our new Propel Card, one of the richest no-annual-fee credit cards in the industry. Furthermore, our ongoing efforts in corporate citizenship and building stronger communities were recognized in a recent survey on corporate giving by the Chronicle of Philanthropy, which ranked the Wells Fargo Foundation as the No.2 corporate cash giver in the U.S. Our focus on shareholder value included progress on our expense savings initiatives, and we returned a record $8.9 billion to shareholders through net common stock repurchases and dividends in the third quarter. I’m confident that our efforts to transform Wells Fargo position us for long-term success.”
