Market Downturn Weighs on Wells Fargo Profit
A slowdown in mortgage lending and a decline in the value of equity investments helped send Wells Fargo & Co.’s second-quarter profit down 48%.
The San Francisco-based bank said it earned $3.12 billion in the quarter, down from $6.04 billion a year ago. Per-share earnings totaled 74 cents, below the 80 cents expected from analysts polled by FactSet.
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