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. Shares of the bank traded lower in premarket trading after initially moving higher.

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 when the bank earned 66 cents a share. Shares fell 0.4% in premarket trading to $55.77.

Wells Fargo has had a challenging time over the last few years as it has tried to recover from its fake accounts scandal. The bank has made sweeping changes, including changes in management as well as efforts to improve efficiency and cut costs. During the year, the bank bought back $14.5 billion in stock.

Net interest income at the bank slid 1% in the fourth quarter due to low rates and weak loan demand. The bank is still operating under a $2 trillion asset cap imposed by the Federal Reserve due to the fake accounts scandal. “We continue our work to put exposures related to our historical practices behind us,” Scharf said.
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