Wells Fargo’s revenue of $20.9 billion topped projections of $18.8 billion. Profits at the San Francisco-based bank were $5.75 billion, or $1.38 a share. Wells Fargo stock was one of the few in the sector to trade higher Friday.

Wells Fargo’s (ticker: WFC) revenue of $20.9 billion topped projections of $18.8 billion. Results from the fourth quarter of 2021 marked a huge increase from last year. The bank's return on equity, a measure of profitability, nearly doubled to 12.8%.

Wells Fargo has had a challenging time over the last few years as it has tried to recover from its fake accounts scandal. Rivals JPMorgan Chase (JPM) and Citigroup (C), which also reported fourth-quarter results, saw shares slip 5.9% and 2.6% respectively.

The bank bought back $14.5 billion in stock during the year. The bank is still operating under a $2 trillion asset cap imposed by the Federal Reserve due to the fake accounts scandal. “The changes we’ve made to the company and continued strong economic growth prospects make us feel good about how we are positioned entering 2022,” Scharf says.
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