Legal Costs Continue to Impact Wells Fargo's Results in Fourth Quarter
Wide-moat Wells Fargo reported net income of $6.2 billion, or $1.16 per diluted share, for the fourth quarter, producing a return on equity of 12.5% over the past three months--still considerably in excess of the 9% cost of equity we assign to the company. The results included operating losses of $3.5 billion as the company added to legal reserves related to the company’s sales practices and other regulatory matters. Changes to U.S. tax law largely offset these charges, as the company booked a $...Wells Fargo & Company is a financial and a bank holding company. Through its subsidiaries, the company provides banking, investment and mortgage products and services, as well as consumer and commercial finance. The company provides consumer financial products and services including checking and savings accounts, credit and debit cards, and automobile, student, mortgage and home equity and small business lending, as well as financial planning, private banking, investment management, and fiduciary services. The company also provides financial solutions including commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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