Wells Fargo & Co shares fell as much as 3 percent on Friday after the bank diale...
NEW YORK - Wells Fargo & Co shares fell as much as 3 percent on Friday after the bank dialed back its net interest income outlook for this year and reported a decline in total quarterly revenue.
The bank has been working to keep a tight grip on costs as it continues to battle the fallout from a wide-ranging sales practices scandal that first erupted in 2016, efforts that helped profit rise in the first quarter even as revenue slipped. Parker said Wells Fargo’s board is pressing forward with the CEO search, but has “complete confidence” with current leadership. He did not give a timetable for when a new CEO might be announced.
Wells Fargo expects net interest income to fall 2 percent to 5 percent this year from 2018. It previously forecast between a 2 percent rise and a 2 percent fall.
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