Wells Fargo and JPMorgan Chase have each released their Q4 2019 quarterly results, detailing how the bank’s performed toward the end of the year, and how Wells Fargo’s new CEO has made changes to the company.
Wells Fargo posted a revenue of $19.9 billion, down from $21.0 billion in Q4 2018. In a release, Wells Fargo CEO and President Charlie Scharf noted how Wells Fargo is making new steps, saying, “Wells Fargo is a wonderful and important franchise that has made some serious mistakes, and my mandate is to make the fundamental changes necessary to regain the full trust and respect of all stakeholders.”
“During my first three months at Wells Fargo my primary focus has been on advancing our required regulatory work with a different sense of urgency and resolve, while beginning to develop a path to improve our financial results,” Scharf added. “This work is necessary to build the appropriate foundation for us to move forward. Wells Fargo plays an important role for our country, and we know that ultimately our actions and results will dictate when that trust is fully regained. And while the work is substantial, I am confident that with the appropriate prioritization of resources, processes, and management attention, we can accomplish what is expected of us."
Meanwhile at JPMorgan Chase, the bank reported revenue of $28.3 billion.
“JPMorgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the Firm where we achieved many records, including record revenue and net income,” said JPMorgan Chase Chairman and CEO Jamie Dimon. “While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year. The U.S. consumer continues to be in a strong position and we see the benefits of this across our consumer businesses.”
JPMorgan’s home lending revenue was $1.250 billion down from $1.465 billion in Q3 2019 and $1.322 billion in Q4 2018.