Wells Fargo & Co. shares WFC, -0.74% slid 2.8% in premarket trade Tuesday, after the San Francisco-based lender posted weaker-than-expected profit and revenue for the fourth quarter. The bank said it had net income of $2.87 billion, or 60 cents a share, for the quarter, down from $6.06 billion, or $1.21 a share, in the year-earlier period. The number included $1.5 billion, or 33 cents a share’s worth of litigation accruals for a range of issues, including previously disclosed retail sales practices matters. Revenue fell to $19.9 billion from $21.0 billion. The FactSet consensus was for EPS of $1.12 and revenue of $20.1 billion. “Wells Fargo is a wonderful and important franchise that has made some serious mistakes, and my mandate is to make the fundamental changes necessary to regain the full trust and respect of all stakeholders,” Chief Executive Charlie Scharf said in a statement. The CEO will also work to lower the bank’s cost structure, and work in other areas to drive growth, he said. Interest income fell $1.4 billion to $11.2 billion in the quarter, while non-interest income rose by $324 million to $8.7 billion. Average loans rose 1% to $956.5 billion and average deposits rose 4% to $1.3 billion. Mortgage banking income rose to $783 million from $466 million in the third quarter. Market sensitive revenue fell to $574 million from $1.2 billion in the third quarter, mostly due to lower neg gains from equity securities from our affiliated venture capital and private equity partnerships, and lower net gains from trading activities. Shares have gained 7.6% in the last 12 months, while the S&P 500 SPX, +0.70% has gained 27%.