Wells Fargo reported Q2 earnings that missed analysts’ expectations, and is cutting its dividend to 10 cents. $WFC
The bank had a net loss of $2.4 billion in the second quarter, or a loss of $0.66 a share, worse than the 20 cents a share loss expected by analysts surveyed by Refinitiv.But the bank announced a new quarterly dividend of 10 cents a share, a deeper than expected reduction in its payout that may indicate the bank is being cautious about the coming year.on Tuesday posted its first quarterly loss since the financial crisis as the bank set aside $8.
The bank had a net loss of $2.4 billion in the second quarter, or a loss of $0.66 a share, worse than the 20 cents a share loss expected by analysts surveyed by Refinitiv. Revenue of $17.8 billion was also weaker than analysts' $18.4 billion estimate. Wells Fargo, the embattled banking giant, was widely expected to post a loss as it sets aside billions of dollars for soured loans tied to the coronavirus pandemic. The bleak outlook for profits is one reason the bank wasBut the bank announced a new quarterly dividend of 10 cents a share, a deeper than expected reduction in its payout that may indicate the bank is being cautious about the coming year.
Wells Fargo was the only bank among the six biggest U.S. lenders to be forced to cut its dividend after the annual Federal Reserve stress test; all the others are maintaining their quarterly payouts. The company is laboring under a dozen regulatory consent orders tied to its 2016 fake accounts scandal, including one from the Fed that caps its asset growth. These have stung the bank, and CEOIn part because of the Fed restriction, Wells Fargo hasThe bank is also hamstrung by its structure: Unlike
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