Wells Fargo Lowers Net Interest Income Guidance; Outlook Turns More Negative
Wide-moat Wells Fargo reported OK first-quarter results, but it cut full-year guidance, and several other negatives brought up during the call weighed on results. The bank’s return on tangible equity was 15.2% compared with 12.6% in the first quarter of 2018. This was largely helped by operating losses improving by over $1 billion. Operating losses were $238 billion for the quarter, the best result in over a year. However, management reduced net interest income guidance for the year, and while i...Wells Fargo & Company is a financial and a bank holding company. Through its subsidiaries, the company provides banking, investment and mortgage products and services, as well as consumer and commercial finance. The company provides consumer financial products and services including checking and savings accounts, credit and debit cards, and automobile, student, mortgage and home equity and small business lending, as well as financial planning, private banking, investment management, and fiduciary services. The company also provides financial solutions including commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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