Wells Fargo posted fourth-quarter earnings Friday that missed on the top and bottom lines. Shares rose, though, as the company CEO promised to keep working to restore the scandal-plagued company's image.
The San Francisco-based institution saw profit of 96 cents per share against estimates of $1 from analysts surveyed by Reuters. That represented a 6.8 percent decline from $1.03 per share from the same period in 2015. Revenue was $21.58 billion against Wall Street estimates of $22.451 billion.
The bank is coming off one of the most difficult years in its 165-year history. Regulators fined Wells Fargo in 2016 for creating false accounts for some 2 million customers. In addition to the scandal, which involved a process known as cross-selling, the bank also failed its "living will" test with the Fed.
Company CEO Tim Sloan said the company continues to work to rehabilitate its image.
"We are leaving no stone unturned so that we can emerge from this a better, stronger company," Sloan said on a conference call with analysts.
Among the big changes the company has outlined and Sloan discussed Friday: Raising the fee reimbursement level to customers from $2.6 million to $3.2 million and raising the minimum wage for employees to up to $17. The company also has eliminated individual sales goals in favor of store-wide standards.
"We want to identify anyone who was negatively impacted so we can make things right," he said.