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%.

Three former Wells Fargo executives must pay $18.5 million for their role in the bank’s widespread fake sales accounts scandal that came to light nearly a decade ago.

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 CEO Charlie Scharf validates some of the optimism, telling analysts he feels "really great about our progress." But he said executives "don't want to get ahead of ourselves."

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

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,

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

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.

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.

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'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.

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.