Wells Fargo profit rises on asset sales boost

The fourth-largest U.S. bank has been in regulators' penalty box since 2016 when a sales practices scandal came to light and has since paid billions in fines and restitution. Wells Fargo said profit rose to $5.8 billion, or $1.38 per share, in the three months ended Dec. 31, from $3.09 billion, or 66 cents per share, a year earlier.

Wells Fargo & Co reported an 86% jump in fourth-quarter profit on Friday, propped up by gains from the sale of its corporate trust and asset management businesses.

The bank's profit got a boost of $943 million from the sale of the businesses. The fourth-largest U.S. bank has been in regulators' penalty box since 2016 when a sales practices scandal came to light and has since paid billions in fines and restitution.

Wells Fargo said profit rose to $5.8 billion, or $1.38 per share, in the three months ended Dec. 31, from $3.09 billion, or 66 cents per share, a year earlier. Analysts on average had expected a profit of $1.13 per share, according to the IBES estimate from Refinitiv.