Profit, loans, deposits and revenue all shrank last quarter, Wells Fargo () said on Friday.
One thing that is going up is expenses. Wells Fargo said operating losses surged 77% last quarter because of various problems in its auto lending, wealth management, mortgage and currency businesses. Overall expenses rose by 3%.
Meanwhile, Wells Fargo said profit declined by 12% during the second quarter, missing Wall Street’s expectations. The bank’s stock, which has lagged behind the rest of the market, dropped 3% on Friday.
Wells Fargo was also hurt by a $481 million income tax bill linked to a recent Supreme Court ruling that allows states to force online retailers to collect sales taxes.
Source: CNN Money