Wells Fargo posts $2 billion profit in 3Q, reversing 2Q loss

The San Francisco bank said Wednesday that it earned 42 cents per share, less than the 44 cents Wall Street analysts were expecting. Wells reported revenue of $18.86 billion in the quarter, also down from last year's third quarter when it took in $22 billion.

Wells Fargo says it earned $2 billion in the third quarter, less than half of what it made in the same period last year but a significant improvement from this year's second quarter, when it posted a loss. The San Francisco bank said Wednesday that it earned 42 cents per share, less than the 44 cents Wall Street analysts were expecting.

Wells reported revenue of $18.86 billion in the quarter, also down from last year's third quarter when it took in $22 billion. Wall Street analysts had projected the bank would post $18 billion in revenue. Wells Fargo said its net interest income was $9.4 billion, down $2.3 billion from last year's period. Noninterest income of was $9.5 billion, down $891 million from 2019.