Wells Fargo earnings miss analyst forecasts with a second quarter net income of $5.2bn, down 12% from the year ago quarter.
Average deposits of $1.3trn fell by 2% with average loans down by 1% to $12.8trn.
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Positive metrics included a 19% fall in provisions to $452m while net charge-offs fell by 8% to $602m or 0.26% of average loans.
Retail banking revenue declined by 1% from a year ago due to lower mortgage banking income and service charges on deposit accounts.
Wells Fargo earnings: channel highlights
Wells Fargo ended the first half with 5,751 retail bank branches, down a net 56 in the second quarter and a net decline of 114 in the first half.
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By GlobalDataWells now has 28.9 million active digital banking customers, including over 22 million active mobile banking customers.
Wells Fargo CEO Tim Sloan said, “During the second quarter we continued to transform Wells Fargo into a better, stronger company for our customers, team members, communities and shareholders.
“Our progress included making further improvements to our compliance and operational risk management programs; hiring a new Chief Risk Officer.
Innovative new products include a digital application for Merchant Services customers and our enhanced Propel Card, one of the richest no-annual-fee credit cards in the industry.”
Wells Fargo launched its ‘Re-established’ marketing effort, the largest advertising campaign in its history and announced a new $200bn commitment to financing sustainable businesses and projects.
