Wells Fargo reported a 9% decline in net interest income (NII) for the second quarter, falling short of analyst expectations due to higher deposit costs amid intense competition for customer money. Despite the drop in NII to $11.92 billion, the bank's earnings per share exceeded estimates at $1.33. Total revenue rose slightly to $20.7 billion, bolstered by strong investment banking fees. Net income fell marginally to $4.91 billion from $4.94 billion in the same period last year. The bank anticipates a further 8-9% decline in NII for 2024 and higher noninterest expenses, now expected to be around $54 billion. Shares of Wells Fargo dropped over 5% in premarket trading following these announcements.