Corporate finance

Fourth-quarter profit dropped 5.4% as revenue from its mortgage business declined, Wells Fargo said Friday.

The Seattle company warned that fourth-quarter profit could fall more than 80% from a year earlier.

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JPMorgan Chase said profit rose 24% as bond-trading revenue climbed more than analysts estimated and expenses fell.

PNC’s fourth-quarter profit improved on higher lending to corporate customers for real estate and other loans.

Bank of America, the second-largest U.S. lender by assets, said fourth-quarter profit rose 43% as revenue from fixed-income trading increased and expenses dropped.

Wells Fargo's retail-banking chief will unveil the bank's new compensation plan next week.

Visa closed its acquisition of Visa Europe in late June, ending a year of negotiations and years of speculation in the payments industry.

Outgoing CEO Charles Scharf said the acquisition of Visa Europe is starting to pay off.

Strong loan growth sparked higher third-quarter earnings at Synchrony Financial, the credit-card issuer that was spun off from General Electric.

PayPal Holdings Inc. said it will make more money in coming years than previously expected, easing concern that recent deals with credit card companies would suppress earnings.

Fifth Third Bancorp reported higher third-quarter profit on the termination of tax receivables from its Vantiv payments subsidiary and several other one-time items.

Amex posted third-quarter profit that beat analysts’ estimates and raised its full-year forecast for profitability.