Wells Fargo’s earnings slip in second quarter

Wells Fargo, a bank known for increasing its profits and beating Wall Street expectations, reported mixed results yesterday.

The San Francisco-based bank said its second-quarter profit fell to $5.72 billion (€5 billion) from $5.73 billion a year earlier. Wells' revenue of $21.3 billion came in 1.8 percent lower than the $21.7 billion analysts had expected. The results reflect the challenges facing big banks. Large consumer banks are trying to keep their expenses under control while grappling with low interest rates. In a statement, chief executive and chairman John Stumpf said, "Wells Fargo's second-quarter results reflected continued strength in the fundamental drivers of long-term growth. Compared with a year ago, we grew loans, deposits and capital, and our balance sheet remained strong."

– (New York Times)