Wells Fargo: in the red in Q2 - below estimates too
(CercleFinance.com) - Wells Fargo Group has reported a net loss of 2.
4 billion dollars for Q2 2020, compared to net income of 6.2 billion dollars for Q2 2019.
The loss per share thus amounts to 66 cents, compared with EPS of 1.30 dollar a year ago in the same period. This is worse than the consensus' expectation, which expected a loss per share of about 6 cents.
The San Francisco-based financial institution reported a decline in revenues to 17.8 billion dollars, against 21.6 billion dollars in Q2 2019.
The bank now thinks that the crisis will last significantly longer and be a lot worse than when it provided its previous forecasts.
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