Wells Fargo misses interest income estimates as deposit costs bite; shares slump

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Go back to Wells Fargo misses interest income estimates as deposit costs bite; shares slump

Wells Fargo (WFC) stock falls as Q2 net interest income decreases due to higher rates

July 12, 2024 7:31 AM EDT

Wells Fargo (NYSE: WFC) reported a second-quarter earnings beat, with an adjusted EPS of $1.33, surpassing the analyst consensus of $1.28. Despite the positive earnings surprise, the bank's stock experienced a notable decline, falling 5.57% following the announcement.

CEO Charlie Scharf highlighted the bank's transformation efforts, which were evident in the growth of fee-based revenue, strong performance in investment advisory, trading, and investment banking fees.

However, net interest income saw a 9%... More