FILE – In this May 5, 2015, file photo, a downtown building is reflected in the windows of a Wells Fargo Bank in Los Angeles. Wells Fargo reports financial results on Friday, July 15, 2016. (AP Photo/Richard Vogel, File) Wells Fargo profits slip as interest rates decline
Consumer banking giant Wells Fargo said its second-quarter earnings fell 3 percent from a year ago as the bank continues to feel pressure from low interest rates.
Wells Fargo on Friday reported second-quarter earnings of $5.56 billion, down from $5.72 billion in the same period a year earlier. On a per share basis, the San Francisco-based bank earned $1.01 per share, down from $1.03 per share a year earlier.
The results mostly met analysts’ expectations. Analysts surveyed by FactSet expected $1.01 per share, while 12 analysts surveyed by Zacks Investment Research were looking for $1.02 per share.
“Wells Fargo’s second quarter results demonstrated our ability to generate consistent performance during periods of economic, capital markets and interest rate uncertainty,” said Wells Fargo CEO and Chairman John Stumpf in prepared remarks.