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Wells Fargo collapses 5% after publishing weak quarterly results

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The earnings of Wells Fargo they fell 55% in the last quarter of 2019 due, mainly, to the environment of low interest rates and affected by the increase in the cost derived from the regulatory consequences after a series of scandals in their sales. Their titles have plummeted 5.4% in Wall street.

Specifically, its net benefits fell to 2.550 million dollars in the fourth quarter, compared to the 5,710 million registered in the same period of the previous year.

Wells Fargo has remained under attention since in 2016 it revealed an account forgery scandal that caused fines for billions of dollars and an unprecedented growth restriction on its balance sheet by the Federal Reserve (Fed).

Last year, the bank appointed Charles Scharf as new executive director to help rebuild your reputation with clients, investors and regulators.

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