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Wells Fargo Quarterly Profit Declines 48%


A Wells Fargo bank branch in New York.
Photo: GABBY JONES for The Wall Street Journal

Wells Fargo
& Co. said Friday that its second-quarter profit declined 48%.

The San Francisco-based bank said it made $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.

The bank posted revenue of $17.03 billion, down 16% from $20.27 billion a year ago. That came in below expectations of $17.48 billion.

Investors are paying attention to big-bank earnings for signs about whether a recession is on the horizon. JPMorgan Chase & Co. and
Morgan Stanley
reported lower second-quarter profits Thursday, sending bank stocks down across the board. Bank stocks tend to rise and fall with expectations for the broader economy, since the companies are tied closely to the financial health of consumers.

Write to Orla McCaffrey at

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