The fourth-largest U.S. lender reported third-quarter net income of $5.11-billion, compared with $5.78-billion a year earlier
forecast a bigger-than-expected 9 per cent drop in 2024 interest income on Friday following the U.S. Federal Reserve’s larger-than-expected rate cut in September..
Banks’ interest income, which had benefited in recent years as the Fed raised interest rates, is expected to keep declining for the rest of 2024. The rate cut was followed by top banks lowering prime lending rates, which will likely shrink their interest income. Banks have also tightened lending standards this year.
Wells Fargo is also reportedly doubling down on efforts to lift a $1.95-trillion asset cap imposed by the Federal Reserve that prevents the bank from growing until regulators deem it has fixed problems dating back to the 2016 fake accounts scandal.
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