Wells Fargo & Co., the world’s largest bank by market value, posted fourth-quarter profit that was unchanged from a year earlier as revenue increased less than 1 percent and lending margins missed some analysts expectations. The shares declined.
Net income was $5.71 billion, the San Francisco-based lender said Friday in a statement. That translated to an earnings per share of $1.03. The average estimate of 29 analysts surveyed by Bloomberg was for $1.02.