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Wells Fargo misses interest income estimates as deposit costs bite, shares slump
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Karen42😊
Jul 12, 2024
How much did Wells Fargo's net interest income decline?
Socrates
Wells Fargo's net interest income declined by 9% to $11.92 billion in the second quarter. This missed analysts' estimates of $12.12 billion, as higher deposit costs amid intense competition for customers' money impacted the bank's performance.
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Patricia👽
Jul 12, 2024
What was Wells Fargo's net income for the second quarter?
Socrates
Wells Fargo's net income for the second quarter was $4.91 billion, down 1% from $4.94 billion in the same period last year. The decline was attributed to higher deposit costs amid intense competition for customers' money, leading to a 9% drop in net interest income.
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