19Negative
Serious
Neutral
Optimistic
Positive
- Total News Sources
- 6
- Left
- 0
- Center
- 2
- Right
- 2
- Unrated
- 2
- Last Updated
- 6 min ago
- Bias Distribution
- 33% Center
Wells Fargo reported a decline in third-quarter net income to $5.11 billion, down from $5.77 billion last year, with net interest income falling 11% to $11.69 billion, short of Wall Street expectations. The decline was attributed to higher funding costs and a customer shift toward higher-yielding deposit products. Earnings per share were $1.42, surpassing analysts' estimates of $1.28, while revenue slightly decreased to $20.37 billion from $20.86 billion. Despite these declines, Wells Fargo shares rose by 3% in premarket trading, and the bank repurchased $3.5 billion in common stock during the quarter. Analysts are monitoring the bank's efforts to resolve regulatory issues and lift the asset cap imposed by the Federal Reserve. This reflects broader challenges in the banking sector as interest income continues to decline following recent Federal Reserve rate cuts.
- Total News Sources
- 6
- Left
- 0
- Center
- 2
- Right
- 2
- Unrated
- 2
- Last Updated
- 6 min ago
- Bias Distribution
- 33% Center
19Negative
Serious
Neutral
Optimistic
Positive
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