Why Shares of Wells Fargo Are Rising Today

Shares of Wells Fargo (NYSE: WFC) are trading more than 7% higher as of 11:12 a.m. ET today after the large bank reported earnings results for the second quarter of 2022.

The bank reported diluted earnings per common share of $0.74 on total revenue of more than $17 billion. The Street had been expecting earnings of $0.86 on revenue of $17.53 billion.

The quarter included a $576 million impairment of equity securities, largely as a result of its subsidiary venture capital business due to market conditions. The bank also had $576 million of operating losses due to litigation related to past incidents such as its phony-accounts scandal.

Source Fool.com