Wells Fargo revenue misses on consumer banking weakness

Wells Fargo reported fourth-quarter profit of  $6.06 billion or $1.21 per share, topping the estimate for $1.17.

Revenue was $20.98 billion, falling short of the  $21.73 billion estimate.

The bank had a profit of $6.15 billion, or $1.16 per share in the year ago quarter.

MORE FROM FOXBUSINESS.COM

<g class="gr_ gr_32 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace" data-gr-id="32" id="32">JPMORGAN</g> CHASE 4Q PROFIT MISSES EXPECTATIONS

<g class="gr_ gr_33 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace" data-gr-id="33" id="33">JPMORGAN</g> CHASE CEO JAMIE DIMON: TIGHT CREDIT MARKET NOT A CONCERN

Year ago revenue was $22.1 billion.

Profit at Wells Fargo's community banking business fell to $3.17 billion from the $3.47 billion it earned a tear ago.

Wells Fargo has been working to move past a sales-practices scandal that erupted in its retail bank in September 2016. Since then, the San Francisco-based bank has disclosed an array of problems throughout its business lines, according to Reuters.

The bank in December agreed to pay $575 million to all 50 states and the District of Columbia to settle claims that its retail-banking sales practices and improper auto-loan and mortgage charges harmed customers.

CLICK HERE TO GET THE FOX BUSINESS APP

In the third quarter, Wells Fargo reported an adjusted profit of $1.13 per share on revenue of $21.9 billion.