Wells Fargo & Co shares fell 1.6 percent in pre-conference trading as the bank said quarterly earnings fell to $ 3.67 billion, or 88 cents a share, from $ 4.64 billion, or $ 1.02 per share a year ago.
Revenue fell to $ 17.59 billion from $ 18.53 billion a year ago.
Estimates spoke of 81 cents per share and revenue of $ 17.78 billion.
The last quarter includes a drop of $ 1.1 billion or 21 cents per share.
CEO Charles Scharf stressed that the US Federal Reserve’s efforts to curb inflation “will certainly reduce economic growth” along with the impact of the war in Ukraine, which increases the risk to the economy.
Source: Capital
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