Wells Fargo earnings top estimates

Kevin Hassett Diversity among CEOs is 'woefully low'

During the same quarter in the previous year, the company earned $1.16 earnings per share.

Some of the bank's business fundamentals remained challenged even more than two years after the scandal.

Wells Fargo's net income applicable to common stock rose to $5.51 billion, or $1.20 per share, from $4.73 billion, or 96 cents per share, a year earlier. Diluted earnings per share (EPS) of $1.20, compared with $0.96.

Wells Fargo on April 12 reported $5.5 billion of earnings attributable to common shareholders for the first quarter of 2019, in its first set of results since Tim Sloan resigned as the USA bank's chief executive.

The legal troubles have taken a toll on Wells Fargo's stock, which has flatlined since the fake-accounts scandal erupted in September 2016.

Parker said Wells Fargo's board is pressing forward with the CEO search, but has "complete confidence" with current leadership. The company is looking for an external candidate to succeed Sloan. The stock dropped 1.8% toward a 3-month low, after being up as much as 2.2% at the intraday high.

More news: ‘Star Wars: The Rise of Skywalker’ trailer is finally here

Shares of Wells Fargo rose 2% on Friday as investors breathed a sigh of relief the results weren't worse. In an interview with the Financial Times, the legendary investor says hiring someone who is unknown on Wall Street would likely draw less scrutiny from Congress, among other benefits. Rivals Bank of America and Citigroup have seen their shares spike.

In that regard, Buffett was quoted as saying that Wells' next leader "shouldn't come from JP Morgan (JPM) or Goldman Sachs (GS)". But for now, the troubled bank, which still has a strong underlying business, must still deliver on performance.

Doing so could allay investor concerns that the bank is on track to meet its operational goals in a low-rate environment - something the new CEO would be happy about.

Wells Fargo shares have climbed almost 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 15 percent.

The lender's efficiency ratio, a closely watched measure of cost per dollar of revenue, improved from a year earlier but was higher than in the fourth quarter. Can these trends continue on Friday?

When asked during PNC's Q1 earnings call if he'd consider the job at troubled Wells Fargo, he responded, "I like my job here, I like our company, I like our prospects.and I will end my career here", he said. Olstein Capital Management L.P. now owns 142,900 shares of the financial services provider's stock worth $6,585,000 after purchasing an additional 4,900 shares in the last quarter.

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