Wells Fargo Stock Fell After Beating Earnings Estimates—Here's Why
Wells Fargo(WFC) Investopedia·2024-01-12 18:30Key TakeawaysWells Fargo & Co. warned of declining interest income this year on expected Federal Reserve interest rate cuts.Wells Fargo said it sees 2024 net interest income falling by 7% to 9%.In its fiscal 2023 fourth quarter, Wells Fargo beat profit and sales estimates on gains in corporate and investment banking and commercial banking.Shares of Wells Fargo & Co. (WFC) were down almost 4% Friday after the bank warned interest income could fall significantly in 2024 as borrowing costs decline.The company ...