Categories AlphaGraphs, Earnings, Finance

Wells Fargo (WFC) reports $2.4 billion loss for Q2

Wells Fargo (NYSE: WFC) reported a loss of $2.4 billion or $0.66 per share for the second quarter of 2020, hurt by $8.4 billion increase of credit loss reserves in the quarter. Revenue declined 17% to $17.8 billion. Wall Street had expected the banking firm to report a loss of $0.20 per share on revenue of $18.4 billion. WFC shares dropped about 3% in the before market session.

Wells Fargo also announced that it expects to reduce third quarter 2020 common stock dividend to $0.10 per share from $0.51 per share.

Looking forward to listening to management/analysts comments on Q2 results? Stay tuned here for Wells Fargo Q2 2020 earnings call transcript

Wells Fargo (WFC) Q2 2020 Earnings Infograph

Peers JPMorgan Chase (JPM) and Citigroup (C) also reported their Q2 earnings results today. While JPM stock increased about 1%, shares of Citigroup were trading in the red zone during the pre-market session.

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