Wells Fargo missed third-quarter earnings estimates after posting a continued drop in net interest income. The bank cited the"lower interest rate environment" for the figure's decline. Wells Fargo stock fell as much as 1.2% following the report's release. Wells Fargo also announced a $1.6 billion expense related to its sales malpractice litigation. The bank remains steeped in controversy following its 2016 fake account scandal.
Wells Fargo missed third-quarter earnings estimates after posting a continued drop in net interest income. The bank cited the"lower interest rate environment" for the figure's decline. Wells Fargo stock fell as much as 1.2% following the report's release. Wells Fargo also announced a $1.6 billion expense related to its sales malpractice litigation. The bank remains steeped in controversy following its 2016 fake account scandal.
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