Wells Fargo & Company (NYSE:WFC) is one of the stocks Jim Cramer shared his thoughts on. Cramer discussed the company’s recent earnings during the episode. He stated:
“What about today’s reports from the other three bigs? Okay, Wells Fargo, which we own for the Charitable Trust, reported a top and bottom-line miss. While sales were up 4.5% year-over-year, and earnings grew by 13%, they still came in light, as did net interest income. It was disappointing. That said, a big chunk of that earnings shortfall came from higher severance expense… Wells Fargo, by the way, laid off a lot of people to cut costs. When you drill down, the business is doing pretty well, just not quite as well as Wall Street, and I were hoping… Efficiency ratio, a key measure of cost, fell from 68% to 64%. Lower, by the way, is better when it comes to that measure… But the analysts spoiled by CEO Charlie Scharf’s relentless cost-cutting were looking for 62.5%. Just not good enough.
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Wells Fargo & Company (NYSE:WFC) provides financial services, including banking, lending, investment, and wealth management solutions.
