Wells Fargo Inc. reported a decline in net income for 2016 compared with the prior year. Net income was $21.9 billion compared with $22.9 billion in 2015, the financial services firm said in its full-year report. Full year return on assets was 1.16 percent and return on equity was 11.49 percent.
During the fourth quarter, net income of $5.3 billion compared with $5.6 billion in fourth quarter 2015. Return on investment was 1.08 percent and return on equity was 10.94 percent.
"We continued to make progress in the fourth quarter in rebuilding the trust of our customers, team members and other key stakeholders,” Chief Executive Officer Tim Sloan said in the report. “I am pleased with the progress we have made in customer remediation, the ongoing review of sales practices across the company and fulfilling our regulatory requirements for sales practices matters.”
The company’s community banking net income declined from $3.17 billion to $2.73 billion when comparing fourth quarter results. Wholesale banking net income was $2.19 billion, up from $2.10 billion during Q4 of 2015.