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.
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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