Wells Fargo Q2 beat overshadowed by decline in net interest
How is Wells Fargo addressing the needs of millennials and Gen Z?
Wells Fargo is focusing on cost-cutting measures and investing in digital initiatives to better serve the needs of millennials and Gen Z. They are looking into revamping their banking experience to tap into a more mobile client base, as more of their customers are becoming digital-native. The bank is also exploring new growth opportunities and go-to-market strategies that closely consider millennial and Gen Z habits, expectations, and preferences.
What was Wells Fargo's revenue for Q2?
Wells Fargo's revenue for Q2 was $20.69 billion, surpassing analysts' estimates of $20.28 billion. Despite this, the bank's stock fell due to a 9% year-over-year decline in net interest income and concerns over cost-cutting efforts.
Did Wells Fargo's EPS exceed expectations in Q2?
Yes, Wells Fargo's Q2 EPS exceeded expectations, coming in at $1.33 per share, outperforming the expected $1.29. However, the company's stock traded lower due to a 9% year-over-year decline in net interest income.