Wells Fargo & Company (NYSE:WFC) earned a net income of $4.91 billion, down 1% year over year in the second quarter of 2024. The company reported a GAAP EPS of $1.33, beating the consensus of $1.29. Revenue rose 1% to $20.69 billion. Analysts expected $20.29 billion. The U.S. banking giant reported a 9% year-over-year drop in net interest income to $11.9 billion due to the impact of higher interest rates on funding costs, including the impact of lower deposit balances and customer migration to higher-yielding deposit products, higher deposit costs, and lower loan balances, partially offset by higher yields on earning assets. Net interest income was down 2% sequentially, driven by the impact of ...