Wells Fargo's profit beat expectations in the fourth quarter powered by a rebound in dealmaking activity and forecast it would earn more from interest payments this year. The bank's shares rose 3.5% to $73.

Wells Fargo's profit beat expectations in the fourth quarter, powered by a rebound in dealmaking activity and forecast it would earn more from interest payments this year, sending shares up 6%.

The bank laid out digital enhancements to its mobile app and plans to generate growth as regulatory burdens lift.

Wells Fargo's quarterly earnings call included discussion of what the eventual lifting of the Fed-imposed asset cap would mean for the bank's growth strategy.

Citing concerns about going outside its statutory mandate, the Federal Reserve Board of Governors voted to leave the Network of Central Banks and Supervisors for Greening the Financial System.

The fourth-quarter earnings report from Wells Fargo & Co. was overshadowed by the disclosure of three more former senior executives being fined a combined $18.5 million by the bank's federal

The stock market was having a generally strong day to start the week, with the S&P 500 up by about 0.6% as of 2:45 p.m. EST. Instead, the move is being fueled by the announcement that the Federal Reserve's top banking regulator,

Wells Fargo & Co. reported Wednesday that a series of recent business exits and heightened emphasis on fee revenue boosted fourth-quarter net income by 47.4% to $5.08 billion.

Wells Fargo's profit climbed in the fourth quarter, buoyed by stronger investment banking earnings, it said on Wednesday. The company's shares rose 3.1% to $73.40 in premarket trading. Wall Street was bolstered by a rebound in activity last year.

Wells Fargo & Co. (NYSE: WFC), Bank of America Corp. (NYSE: BAC) and Truist Financial Corp. (NYSE: TFC) are scheduled to release their fourth-quarter 2024 earnings on Jan. 15, Jan. 16 and Jan. 17, respectively.

Wells Fargo & Co. took a $647 million severance charge in the fourth quarter, as Chief Executive Officer Charlie Scharf continues to whittle headcount as part of broader efforts to slash costs and remake the bank.

JPMorgan’s net income soared 50% to more than $14 billion in the fourth quarter as the bank’s profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year.