Wells Fargo Chief Executive Charlie Scharf said the bank’s earnings profile is different than it was five years ago, as it has made strategic investments in many business while de-emphasizing or selling others.
“Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds,” Scharf said in prepared remarks.
“While our risk and control work remains our top priority, we continue to invest to drive more diverse and stronger growth and higher returns,” he said.
He highlighted the launch of two new co-branded credit cards and a multi-year co-branded agreement for auto financing as examples from the third quarter.