Wells Fargo sees bigger-than-expected drop in 2019 net interest income

Wells Fargo , the fourth-largest U.S. bank by assets, lowered its 2019 lending r...

FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo

Wells Fargo is the first major lender to provide updated net interest income guidance following the U.S. Federal Reserve’s interest rate cut in late July. On July 31, the U.S. central bank cut its key overnight lending rate to a target range of 2.00% to 2.25% due to concerns about the global economy on the back of the U.S.-China trade war and muted U.S. inflation. The Fed is widely expected to cut rates again later this month.

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