Wells Fargo earnings top estimates even as lower interest income cuts into profits
Publishing timestamp: 2024-04-12 10:12:10
Summary
Wells Fargo reported first-quarter earnings and revenue that beat Wall Street expectations, despite a decline in net interest income. The bank's CEO highlighted progress in improving and diversifying financial performance. Net interest income decreased 8% due to higher interest rates and customer shifts to higher-yielding deposit products. Wells' stock is up more than 15% year to date.
Sentiment: NEUTRAL
Tickers: WFC,
Keywords: wells fargo & co, breaking news: business, earnings, wall street, breaking news: investing, markets, investment strategy, breaking news: markets, stock markets, business news,
Source: https://www.cnbc.com/2024/04/12/wells-fargo-wfc-earnings-q1-2024.html