SAN FRANCISCO, Jan. 15 (Xinhua) -- Multinational financial services company Wells Fargo & Company on Friday reported a net income of 2.99 billion U.S. dollars for the fourth quarter of 2020, compared with 2.87 billion dollars for the same period of the previous year.
The company's total quarterly revenue counts 17.93 billion U.S. dollars, decreasing 5 percent compared to the fourth quarter of 2019. Its net interest income decreased 17 percent, primarily due to the impact of lower interest rates, according to the report.
"Although our financial performance improved and we earned 3.0 billion U.S. dollars in the fourth quarter, our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us," Chief Executive Officer Charlie Scharf commented on the quarter.
"We have identified and are implementing a series of actions to improve our financial performance," Scharf said. "With a more consistent broad-based recovery and as we continue to press forward with our agenda, we expect you will see that this franchise is capable of much more."