Wells Fargo Q2 Financial Performance and Impact on Shares

Friday, 12 July 2024, 13:41

Wells Fargo's second-quarter profit declined as deposit costs impacted interest income, missing analyst estimates. Net interest income (NII) decreased by 9% to $11.92 billion, reflecting intense competition in the market. Finance chief Michael Santomassimo expects the decline in NII to be around 8-9% for the year. As a result, Wells Fargo's shares fell more than 5% in premarket trading.
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Wells Fargo Q2 Financial Performance and Impact on Shares

Wells Fargo Q2 Results

Wells Fargo's Q2 profit declined, missing interest income estimates due to higher deposit costs.

Key Points:

  • Net interest income (NII) decreased by 9% to $11.92 billion.
  • Michael Santomassimo expects the NII decline to continue around 8-9% for the year.

As a result, Wells Fargo shares dropped more than 5% in premarket trading.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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