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Wells Fargo’s woes weren’t a case of today being Friday the 13th as its troubles were brewing well ahead of publishing its second quarter earnings.
“The broad-based weakness of Wells Fargo’s results is troubling, with many indicators such as deposits, commercial and consumer lending trending down. It appears that the slew of scandals that Wells Fargo has been involved in are taking their toll,” said Octavio Marenzi, the CEO of capital markets management consulting firm Opimas. “Compared to JPMorgan’s excellent results earlier today, Wells Fargo is looking rather hapless, unable to get it right.”
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