In the second quarter, Wells Fargo reported that its profits slid despite the fact that they’ve been giving out more loans than ever. Their overall net income decreased $1.01 per share, down to $5.6 billion from $5.7 billion.
Although Wells Fargo isn’t facing much flack from Brexit, it’s still dealing with the aftermath of being exposed to bad energy loans since the price of oil dropped.
Overall, Wells Fargo has seen a nine percent increase in loan growth, and it’s still leading the charge in the housing market. They also saw an increased amount of existing customers upgrade to other Wells Fargo cards.
Image via USA Today.