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The lender’s expenses per dollar of revenue have remained stubbornly high after the phony accounts scandal erupted in 2016. Wells Fargo has vowed to cut costs by shrinking its branch network, overhauling internal departments, combining certain business areas and other measures. Net income applicable to common stock fell to $4.79 billion, or 98 cents per share, in the second quarter, from $5.45 billion, or $1.08 per share a year ago. On an adjusted basis, earnings were $1.08 per share, excluding a 10-cent hit from an income tax expense, missing analysts’ estimates of $1.12 per share, according to Thomson Reuters I/B/E/S.
(Reuters) - Wells Fargo & Co’s (WFC.N) wealth and investment management unit may be having a harder time generating new business because of damage to the bank’s reputation from scandals over its sales practices, Chief Financial Officer John Shrewsberry said on Friday, “The employees in that area would make the case that its a little harder to compete for new business or to compete head-to-head with other advisers for new business,” Shrewsberry said on a call with journalists after the bank reported its second-quarter personalized photo cufflinks results, “Just as it was a big tailwind because of Wells Fargo’s reputation before that.”..
He said reputation issues had not hurt profit in the unit, however. Wells Fargo emerged from the 2007-2009 financial crisis with its reputation relatively unscathed compared to some competitors. But since 2016 it has had to grapple with a phony accounts scandal and other customer abuse issues, including in its wealth management business. “The reputational issue is something that we have to work hard to help those team members work through,” Shrewsberry said. Wells Fargo’s wealth and investment management net income slid 37 percent in the second quarter from a year earlier, reflecting a $214 million write-down on the sale of its stake in the RockCreek Group. It took a $114 million charge to account for refunds to customers in the unit who had been charged incorrectly for certain assets and accounts.
After inquiries from government agencies, Wells Fargo began probing its wealth and investment management division for possible customer abuse, including overcharging and inappropriate referrals, The unit has been focused on squeezing more revenue out of its advisers by deepening client relationships, Adviser productivity increased 7 percent in the first quarter from a year earlier, spokeswoman Shea Leordeanu said, The number of financial advisers at the bank fell 2 percent personalized photo cufflinks to 14,226 in the quarter from a year earlier..
NEW YORK (Reuters) - Oil prices rose about 1 percent on Friday as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions. Brent crude LCOc1 rose 88 cents to settle at $75.33 a barrel, a 1.18 percent gain. The global benchmark fell about 2.7 percent for the week. West Texas Intermediate (WTI) crude CLc1 futures rose 68 cents to settle at $71.01 a barrel, but lost about 3.9 percent this week.
The market pared gains late in the session on a Bloomberg report that the Trump administration is actively considering tapping in to the country’s Strategic Petroleum Reserve, which would add personalized photo cufflinks supply to the market, The United States holds a reserve of about 660 million barrels, enough for about three or four months of supply, “People have been talking about that as a rumor,” said Robert Yawger, director of energy futures at Mizuho in New York, “This is nothing different than anything that’s been said in the last weeks here.”..
Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, closing Shell’s (RDSa.L) Knarr field, which produces 23,900 barrels of oil equivalent per day. In Iraq, about 100 protesters demanding jobs and better services closed access to Umm Qasr commodities port near the southern city of Basra on Friday, port employees said. “Persistently declining oil supplies from Venezuela and simmering strike actions in Norway and Iraq are prompting bullish sentiment,” said Abhishek Kumar, senior energy analyst at Interfax Energy in London.
Prices weakened earlier in the week after OPEC member Libya reopened major eastern oil ports and U.S, Secretary of State Mike Pompeo said personalized photo cufflinks Washington would consider granting waivers to some of Iran’s crude buyers, Fears that a U.S.-China trade dispute could hit global economic growth have also kept buyers on the back foot, Russia and other leading oil producers may boost oil output further if supply shortages hit the market, Russian Energy Minister Alexander Novak said, In June, the Organization of the Petroleum Exporting Countries and other key producers including Russia responded to market tightness by easing a supply-cut agreement..