Business News Finance News General News

Banking giant witnesses a 23% drop in overall income for the third quarter

Wells Fargo

Wells Fargo, a financial service giant based out of San Fransico seen its yearly revenue move up to $22 billion from $21.9 billion from its previous year. The earnings per share for the finance company were down from $1.13 to $0.92.

According to the financial reports published, the company witnessed a missive drop-in net income from $2.1 billion to $1.8 billion when compared to the previous year. 

The company witnessed its overall revenue drop by 5% when compared to its previous quarter.

The banking giant had a growth in new customers with a 1.5% rise from the previous quarter to 24.3 million.

The overall digital consumers stood at 30.2 million out of which 24.2 million used Well Fargo’s mobile application on their phone, according to the reports published by the company.

The company currently has 5,394 bank branches with 130 branches opening in the next quarter, as per the financial report published by the bank.