Wells Fargo Shares Fall After Q2 Miss, Dividend Cut

Wells Fargo (NYSE: WFC) was the laggard among the three major U.S. banks reporting second-quarter earnings Tuesday morning. In contrast to peers JPMorgan Chase and Citigroup, it missed estimates badly on both the top and bottom lines.

The bank took in $17.8 billion in revenue in Q2, down almost 18% year over year. Its net loss deepened to almost $2.4 billion ($0.66 per share), a dramatic flip from its net profit of $6.2 billion a year earlier. This was on the back of a 1.5% drop in total loans to $935 billion, and a 9% rise in average deposits to nearly $1.4 trillion.

Image source: Wells Fargo.

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Source Fool.com