Wells Fargo Earnings Miss Estimates on Boost to Credit Loss Provision

Updated July 15, 2022 7:31 am ET / Original July 14, 2022 4:54 pm ET

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Bank earnings season continued Friday with yet another of the major U.S. banks posting results that fell short of analysts’ expectations. This time it was Wells Fargo which posted second-quarter results that missed the mark.

Going into earnings, analyst expectations were already low. The San Francisco-based bank was expected to earn 80 cents a share on revenue of $17.5 billion. Instead, Wells Fargo earned 74 cents on $17 billion in revenue. In the year-ago quarter, Wells Fargo reported profit of $1.38 a share on $20.3 billion in revenue.

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