Jul 12, 11:25 AM

Wells Fargo Q2 Profit Falls on Deposit Costs, Net Interest Income Down 9%, Shares Drop 6%

Wells Fargo reported a decline in its second-quarter profit due to increased costs to retain deposits amid intense competition for customers' money. The bank's net interest income, a key measure of income from lending, fell by 9% year-over-year to $11.9 billion. This shortfall led to a 6% drop in Wells Fargo's shares, including a 5.5% decline in pre-market trading. The bank also warned that it would not be able to reduce costs as quickly as previously anticipated, following higher-than-expected expenses in the second quarter. Additionally, overall deposits at Wells Fargo dropped, reflecting broader challenges faced by major banks in the current economic environment.

#Wells Fargo

Written with ChatGPT (GPT-4o).

Sources

DealBook@dealbook
2 years ago
Stubborn inflation is taking a toll on the nation’s largest banks. JPMorgan and Wells Fargo reported that overall deposits dropped. At Citi, losses piled up from credit. https://t.co/lU9jfFf8kh
TipRanks@TipRanks
2 years ago
Shares of Wells Fargo $WFC declined in pre-market trading after the bank’s net interest income fell short of estimates. WFC’s net interest income (NII), a key measure of the income the bank generates from lending, declined by 9% year-over-year to $11.9 billion in the second…
Open Outcrier@OpenOutcrier
2 years ago
$WFC (-5.5% pre) Wells Fargo shares tumble after net interest income falls short of estimates - CNBC https://t.co/cceKARhQtl

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Wells Fargo Q2 Profit Falls on Deposit Costs, Net Interest Income Down 9%, Shares Drop 6%

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