Wells Fargo stock falls as Q2 net interest income decreases due to higher rates
Wells Fargo reported a second-quarter earnings beat, with an adjusted EPS of $1.33, surpassing the analyst consensus of $1.28. Despite the positive earnings surprise, the bank's stock experienced a notable decline, falling 5.57% following the announcement.
The bank's noninterest expense increased by 2%, attributed to higher operating losses, including customer remediation accruals for historical matters and increased revenue-related compensation, particularly in Wealth and Investment Management. Scharf emphasized the bank's continued focus on risk and control as its top priority, alongside strategic efforts to enhance customer service and drive higher returns. He noted the launch of new credit cards and investments in the branch network and commercial businesses as part of these initiatives.
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