Wells Fargo & Co. (WFC) , the U.S. bank struggling to overcome a series of scandals, said second-quarter profit fell, as the bank suffered from Federal Reserve-imposed restrictions on its asset growth while higher competition in home lending led to lower fees.
Net income decreased 11% from a year earlier to $5.19 billion, the San Francisco-based bank said Friday, July 13, in a statement. Earnings per share were 98 cents, missing the average analyst estimate of $1.12 in a FactSet survey. The results included a $481 million income-tax expense, triggered by a recent legal decision, according to the company.
