Wells Fargo Sees Brighter Days for US Consumer Spending
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Wells Fargo Sees NII Drop as Pressure from Depositors Mounts
Wells Fargo & Co. missed estimates for net interest income in the first quarter, a sign that muted loan growth and increased pressure to pay...
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Wells Fargo profit shrinks more than 7% on lower interest income
The bank's net interest income (NII) -- the difference between what it earns on loans and pays out for deposits -- fell 8% to $12.23 billion. NII was hurt by higher interest rates on funding costs, including the impact of customers moving to higher yielding deposit products, as well as lower loan balances, the bank said. The shifting U.S. interest rate outlook is an important factor that will drive banks' future profits.
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Wells Fargo profit falls as customers cash in on higher interest rates
Profit at Wells Fargo fell as the bank reported a hefty fall in interest income reflecting the need to pay out more to attract depositors.