On Friday, Wells Fargo & Company (NYSE:WFC) earned a net income of $5.11 billion, down 11.3% year over year in the third quarter of 2024.
It reported a GAAP EPS of $1.42, beating the consensus of $1.28. Revenue fell 2% to $20.37 billion. Analysts expected $20.41 billion.
The U.S. banking giant reported an 11% year-over-year drop in net interest income to $11.69 billion due to higher funding costs reflecting customer migration to higher-yielding deposit products and deposit mix and pricing changes, partially offset by higher yields on earning assets.
Also Read: Wells Fargo, Citigroup, Goldman Sachs Poised For Gains Amid Fed Rate Cuts – Morgan Stanley.
Net interest income was down 2% sequentially, driven by increased pricing on sweep deposits in ...
