Wells Fargo sees income, revenue remaining flat in Q2

By Ovunc Kutlu

ISTANBUL (AA) - American multinational financial services company Wells Fargo saw its income and revenue remaining almost flat in the second quarter of this year, compared to the same period of last year, according to its financial results statement released Friday.

The company had a net income of $4.91 billion in the April-June period of this year, down only 0.6% from $4.94 billion in the same period of last year.

Total revenue increased just 0.8% to almost $20.69 billion, from approximately $20.53 billion, during the same period.

"The investments we have been making allowed us to take advantage of the market activity in the quarter with strong performance in investment advisory, trading, and investment banking fees," CEO Charlie Scharf said in the statement.

Wells Fargo's stock price was down 5.86% at 3.59 p.m. EDT on the New York Stock Exchange just before the closing bell.