The San Francisco-based lender earned $2.04 billion, or 42 cents per share, missing the 45 cents that Wall Street analysts surveyed by Refinitiv were expecting. The results were an improvement from last quarter’s $2.38 billion loss, but marked a 56% decline from the $4.61 billion earned a year ago.
Revenue, meanwhile, fell 14% to $18.9 billion, outpacing the $17.98 billion that was anticipated.
|WFC||WELLS FARGO & COMPANY||23.77||-0.93||-3.77%|
“Strong mortgage banking fees, higher equity markets, and declining sequential charge-offs positively impacted our results, while historically low interest rates reduced our net interest income and our expenses continued to remain elevated,” CEO Charlie Scharf said in a statement.
This story is developing. Check back for updates.