Motilal Oswal
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Motilal Oswal
Jul 13, 2018 11:13 PM IST | Economy

Wells Fargo's loan book shrinks, profit misses estimates

The bank said much of the lending decline had to do with moves to avoid riskier loans, but the second-quarter results ignited fears about lingering reputational damage from Wells Fargo's phony accounts scandal and other customer abuses.
The total average loan balance for the bank shrank 1% in the quarter from a year earlier as its consumer loan book fell by 2% and commercial real estate lending slowed.
The mortgage business weighed on the income the bank makes from fees, which fell 8% in the quarter to $9 billion.
Wells Fargo's loan book shrinks, profit misses estimates
Published Date: Jul 13th, 2018 11:13 PM | Updated Date: Jul 13, 2018 11:13 PM IST

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