Wells Fargo Falls Most in Month on Drag From Lending, Expenses
- Bank’s average loans in quarter lowest in more than two years
- Net income retreats 11% to $5.2 billion, missing estimates
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Wells Fargo & Co. fell the most in more than a month after reporting that loans dropped in the second quarter while expenses came in higher than analysts had expected.
Total average loans fell $6.9 billion from the previous three-month period to the lowest in more than two years, fueled by drops in both commercial and consumer lending, the San Francisco-based firm said Friday in a statement. Non-interest expenses increased 3 percent, while analysts had predicted a slight decline.