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Wells Fargo on Wednesday reported disappointing earnings for the third quarter as low rates put pressure on the bank’s net interest income.
Here’s how the banking giant’s numbers stacked up against Wall Street expectations:
- Earnings: 42 cents per share vs. a Refintiv estimate of 45 cents per share
- Revenue: $18.86 billion vs. $17.978 billion forecast
Shares of Wells Fargo were down 1.9% in the premarket.
“Our third quarter results reflect the impact of aggressive monetary and fiscal stimulus on the US economy,” Wells Fargo CEO Charles Scharf said in a statement. “Strong mortgage banking fees, higher equity markets, and declining sequential charge-offs positively…