Wells couldn't meet Wall Street's already low expectations for the second quarter, as revenue and net income in the bank's three business lines fell compared with the same period last year.

"The broad-based weakness of Wells Fargo's results is troubling, with many indicators such as deposits, commercial and consumer lending trending down. It appears that the slew of scandals that Wells Fargo has been involved in are taking their toll," said Octavio Marenzi, CEO of capital markets management consulting firm Opimas. "Compared to JPMorgan's excellent results earlier today, Wells Fargo is looking rather hapless, unable to get it right."


Shares of Wells Fargo are down more than 10 percent this year.

Wells said it had state income tax charges of $481 million, related to a recent Supreme Court ruling regarding e-commerce sales (South Dakota v. Wayfair) that said states can charge taxes on purchases from out-of-state sellers even if the seller isn't located in that state.

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