Wells Fargo interest income misses estimates, shares fall
Wells Fargo's interest income fell short of Wall Street expectations in the first quarter, due to a string of rate cuts from the US Federal Reserve. The bank's net profit came in at $5.25 billion, or $1.60 per share, compared with $4.89 billion, or $1.39 per share, a year earlier.
Wells Fargo's interest income was $12.1 billion in the first quarter, missing analysts' estimates of $12.3 billion. The bank's net profit was $5.25 billion, or $1.60 per share. Wells Fargo's markets revenue surged 19% to $2.17 billion in the quarter. The bank's headcount continued to fall, with 200,999 employees at the end of March. Wells Fargo's shares fell 2.2% in premarket trading. The bank's progress on growing its interest income is being closely watched after the lifting of a seven-year asset cap.
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