Wells Fargo reported diluted earnings per share for Q3 equalling $0.92, which is a marked misfire compared to the consensus forecast of $1.13 EPS.
The reported net income reached $4.6 billion, which is way below the $6.0 billion that was recorded in the third quarter of 2018.
The considerable contraction in net revenue on a year to year basis has reached 23 per cent, however, investors did not lose confidence in the bank’s future prospects, as Wells Fargo is currently undergoing structural changes at the high levels of its administration.
Interim Chief Executive Officer Allen Parker supported these investors’ expectations by stating that:
“We continued to make progress on our top priorities during the third quarter, and we're all looking forward to Charlie Scharf's joining Wells Fargo on October 21 as the company's Chief Executive Officer and President."
Wells Fargo's share price found strong support at the 23.6 per cent Fibonacci retracement level at 49.5 and subsequently appreciated by 1.70 per cent during Tuesday's trading session.
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