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Today’s Research Reports on Stocks to Watch: Bank of America and Wells Fargo

NEW YORK, NY / ACCESSWIRE / October 15, 2018 / It’s earnings time for banks and Wells Fargo already delivered its earnings report with Bank of America reporting today. Wells Fargo saw its shares climb modestly higher last week after a mixed report with CEO Timothy J. Sloan remarking on the company’s progress during the earnings call.

RDI Initiates Coverage on:

Bank of America Corporation
https://rdinvesting.com/news/?ticker=BAC

Wells Fargo & Company
https://rdinvesting.com/news/?ticker=WFC

Bank of America Corporation shares closed up a modest 0.35% on about 102 million shares traded on Friday. Bank of America is the next big bank to report its earnings today following the release of Wells Fargo's earnings last week. The bank is involved in court battle with a Miami real estate lawyer who has accused Bank of America of purging 1.88 billion records in order to conceal fraud. In a court filing Bank of America has said that the records were copied and returned to the bank and still exist in its system. Attorney Bruce Jacobs told CNBC, "Bank of America thinks they're untouchable. They think they have so many zeroes in their bank accounts that they're above the law."

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Access RDI’s Bank of America Corporation Research Report at:
https://rdinvesting.com/news/?ticker=BAC

Wells Fargo & Company shares were up a modest 1.30% on Friday on about 32 million shares traded. The bank reported its third quarter financial report that revealed revenue of $21.9 billion, beating the average analyst forecast of $21.89 billion. Earnings per share were $1.16 for the quarter, while analysts had expected $1.17. Net income for the bank was $6 billion in the quarter, up 33 percent from last year. CEO Timothy J. Sloan said on the earnings call, "As part of our goal of delivering long-term shareholder value, we are committed to generating high returns and then returning more capital to shareholders. We returned a record $8.9 billion to shareholders through common stock dividends and net share repurchases in the third quarter, more than double the amount returned a year ago. We're also committed to evolving our business model to meet our customers' financial needs in a more streamlined and efficient manner. We are on track with our expense savings initiatives, including a recently established 2020 expense target of $50 billion to $51 billion, which includes approximately $600 million of typical operating losses and excludes litigation and remediation accruals and penalties."

He added, "While there is more work to do, the substantial progress we are making on our goals demonstrates how hard our team is working to transform Wells Fargo. We are addressing past issues, enhancing our focus on our customers, strengthening risk management and controls, simplifying our organization and improving the team member experience. I'm confident that these changes are building a better Wells Fargo for all of our stakeholders, and we are encouraged by the positive business trends we had in the third quarter, including year-over-year growth in primary consumer checking customers, debit and credit card usage, loan originations and autos, small business, home equity and personal loans and lines."

Access RDI’s Wells Fargo & Company Research Report at:
https://rdinvesting.com/news/?ticker=WFC

Our Actionable Research on Bank of America Corporation (NYSE: BAC) and Wells Fargo & Company (NYSE: WFC) can be downloaded free of charge at Research Driven Investing.

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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SOURCE: RDInvesting.com