Wells Fargo Misses Net Interest Income Estimates, Cuts Guidance

Wells Fargo & Co. lowered its full-year guidance for net interest income, after another quarter of tepid growth amid the ongoing trade war.

The San Francisco-based lender posted $11.7 billion in NII — income from lending minus the cost of deposits — for the three months through June, falling just short of analysts’ estimates of $11.8 billion. That prompted Wells Fargo to lower its full-year NII growth target to little changed from last year, down from prior guidance of 1% to 3% growth, driven by lower NII in the bank’s markets business.