The opening week of first-quarter earnings season was billed as a referendum on the state of the U.S. economy, specifically consumer spending. While Wells Fargo didn’t post stellar earnings Friday (April 12) it did vote “yes” on the economic prospects for the balance of 2024. “We continue to see strength in the U.S. economy,” CEO Charlie Scharf said during the company’s […]
Wells Fargo & Co. missed estimates for net interest income in the first
The bank's net interest income (NII) -- the difference between what it earns on loans and pays out for deposits -- fell 8% to $12.23 billion. NII was hurt by higher interest rates on funding costs, including the impact of customers moving to higher yielding deposit products, as well as lower loan balances, the bank said. The shifting U.S. interest rate outlook is an important factor that will drive banks' future profits.
The Brainerd Warriors compete in the Fargo Elite Meet Saturday, April 20.
Profit at Wells Fargo fell as the bank reported a hefty fall in interest income reflecting the need to pay out more to attract depositors.
JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. have all drawn downward revisions to their first-quarter profit estimates from Wall Street analysts as they prepare to update investors with their latest results. A small drop in loan activity may take a bite out of profits, while a rise in
Wells Fargo on Friday reported first-quarter earnings and revenue that beat Wall Street expectations, despite a decline in net interest income.
The markets were reeling toward the end of last week as hot CPI figures sent the major indexes into a tailspin. Meanwhile, it remains to be seen how Iran’s missile and drone attack on Israel on Saturday night shapes the war in the Middle East and affects market sentiment in the week ahead. Looking at the bigger picture on where the markets are heading, according to Chris Harvey, head equity strategist from Wells Fargo, investors shouldn’t worry too much right now. ‘There’s more room for...
Ardevora Asset Management LLP cut its position in shares of Wells Fargo & Company (NYSE:WFC – Free Report) by 53.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 341,090 shares of the financial services provider’s stock after selling 392,897 shares during the period. […]
Investors Asset Management of Georgia Inc. GA ADV reduced its position in Wells Fargo & Company (NYSE:WFC) by 2.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 21,699 shares of the financial services provider’s stock after selling 527 shares during the period. Investors Asset Management of Georgia Inc. GA ADV’s holdings in Wells Fargo […]