Wells Fargo shares tumble after net interest income falls short of estimates
Publishing timestamp: 2024-07-12 11:17:00
Summary
Wells Fargo reported a 9% decline in net interest income in the second quarter, which was below analyst expectations. However, the bank's earnings and revenue exceeded Wall Street expectations. Despite the decline in net interest income, the bank saw growth in fee-based revenue. Wells Fargo also repurchased over $12 billion of common stock and plans to increase its third-quarter dividend. The stock is up more than 22% this year.
Sentiment: MIXED
Tickers: WFC,
Keywords: business news, breaking news: business, breaking news: investing, banks, investment strategy, wall street, stock markets, breaking news: markets, wells fargo & co, markets, earnings,
Source: https://www.cnbc.com/2024/07/12/wells-fargo-wfc-q2-2024-earnings.html