Wells Fargo Q3 Earnings: Lower Profit On Squeezed Interest Income, But Investment Banking Fees Provides Cushion
Wells Fargo's third-quarter net income dropped 11.3% year over year to $5.11 billion, with a 2% decline in revenue to $20.37 billion. The U.S. bank's noninterest income rose 12%, while net interest income fell 11% due to customer shifts toward higher-yielding deposits.
