Wells Fargo Falls as Revenue Misses Wall Street’s Estimates
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CFO cites higher first-quarter ‘personnel-related expenses’
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Bank collects least mortgage revenue in the past two years
Wells Fargo & Co. fell after reporting first-quarter revenue that missed analysts’ estimates as the lender’s troubled community bank weighed on results.
Wells Fargo shares slid 3 percent to $51.53 at 1:08 p.m. in New York, the lowest since Nov. 29 and the worst performance in the 65-company S&P 500 Financials Index. The stock has dropped 6.4 percent this year.
The nation’s biggest home lender is facing a slowdown in its mortgage-banking business as rising interest rates crimp customer demand for refinancing. The unit also is suffering from decreased volume as branch workers make fewer mortgage referrals and lower reimbursements from the Department of Housing and Urban Development to cover foreclosure costs, Chief Financial Officer John Shrewsberry has said…
Wells Fargo Falls as Revenue Misses Wall Street’s Estimates
