In Q4 legal expenses!? Are these customers or employees? Save some for me when I sue!
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Your mammie @1mvg
@1qk1
You obviously don’t know what net income means. And you obviously also cannot find and read an annual report. Educate yourself, you only prove the theory that some of the dumbest people on the planet work at Wells Fargo by failing to grasp even the basics of the company’s finances.
I doubt the revenue was 22 billion in 2018 after deducting legal costs. Legal expenses are deducted from the revenue as part of costs to operate. They may make a few billion a year in profit after expenses.
WF net income for 2018 was 22B, which also includes legal expense.
So not try to minimize the scandals or costs, but the company continues to make gobs of money in spite of itself on a NET basis.
If employees knew the actual volume of external and internal lawsuits, they'd be running for the hills. $1.5 billion is just the tip of the iceberg.
On the heels of brutal quarterly results, Scharf is realizing that this ship isn't going to turn around... it's sinking. Plan B core business sell-off is coming.
Lawyers don’t come cheap. The fines are just the tip of the iceberg. Wells is keeping many, many lawyers in surf and turf these days.