7/14/2020, 2:00 PM (Source: TeleTrader)
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Wells Fargo Q2 revenue at $17.8B, down 18% YoY

Wells Fargo & Co. reported on Tuesday that its revenue in the second quarter of 2020 dropped by 18% compared to the same period last year to land at $17.8 billion.

The company's net losses stood at $2.38 billion, falling from the income of $6.21 billion in the previous year's second trimester, while diluted losses per share dropped were $0.66, down from the earnings per share of $1.30 on the annual basis. Average loans went up from $947.5 billion to $971.3 billion year-on-year.

"It is critical in these uncertain times that our common stock dividend reflects current earnings capacity assuming a continued difficult operating environment, evolving regulatory guidance, and protects our capital position if economic conditions were to further deteriorate. We are confident that this eventual economic improvement combined with our actions to increase our margins will support a higher dividend in the future," Chief Executive Charlie Scharf said on the occasion.

Breaking the News / JR