Wells Fargo Cuts 2019 Net Interest Income Forecast, Shares Tumble

Credit: Wochit Business
Published on April 12, 2019 - Duration: 00:33s

Wells Fargo Cuts 2019 Net Interest Income Forecast, Shares Tumble

According to Reuters, shares of Wells Fargo reversed course to trade lower on Friday after the lender cut its 2019 net interest income forecast and said it would not provide a timeline on when a Federal Reserve cap on balance sheet growth will be lifted.

The company said that it expects net interest income for the year to be down 2 to 5 percent.

Earlier this year, the bank said it expects to operate under the asset cap, imposed by the U.S. Federal Reserve, until the end of 2019.

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Wells Fargo Cuts 2019 Net Interest Income Forecast, Shares Tumble

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