Why Wells Fargo Stock Is Still Down Today
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Shares of Wells Fargo dropped by as much as 3% on Friday after the bank’s net interest income, or NII, declined and fell short of analysts’ expectations. Wells Fargo’s NII—revenue generated from interest payments, less what customers are paid back—for the first quarter was $11.5 billion, down 6% from a year earlier. NII is core to Wells Fargo’s business, driving roughly half of its overall revenue last year.
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