Wells Fargo’s Q3 Beats On Revenues, Falls Short On Earnings

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As Wells Fargo seeks to cut costs while retooling its business for the age of digital banking, the company reported slightly better than expected revenues, but missed analysts’ earnings expectations for the third quarter. The bank reported revenues of $21.9 billion and earnings per share of $1.16 compared to analyst estimates of $21.89 billion and $1.17, respectively, CNBC reported.

At the same time, Wells Fargo CFO John Shrewsberry noted that the bank is seeing growth in credit and debit card usage, consumer checking and loan originations for small business and auto, among other products. In particular, small business loan originations jumped 28 percent, while car loan organizations were up by 10 percent.

Wells Fargo officials also

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