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Weakness in mortgage business clouds Wells Fargo's profit beat

Reuters 

By Dan Freed and Nikhil Subba(Reuters) - Wells Fargo & Co posted a better-than-expected quarterly profit, but revenue fell short of expectations as the lender's mortgage business continued to remain a dark spot.While higher interest rates have helped banks earn more on loans, borrowers have shied away from refinancing their loans, hurting mortgage business across the banking industry.Wells Fargo's shares were down 2.1 percent in premarket trading. Shares of JPMorgan Chase and Citigroup, which also reported better-that-expected profits, were down about more than 2 percent.Wells Fargo, the ...

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First Published: Fri, July 14 2017. 21:09 IST
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