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Wells Fargo falls sharply after reducing its quarterly dividend by more than 80%

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Wells Fargo it has fallen more than 4.5%. The bank has been punished on the floor for poor quarterly results in which the suppression of more than 80% of its shareholder remuneration stands out.

The total income of the US entity has stood at 17.8 billion compared to the 18,400 anticipated by analysts.

Wells Fargo's EPS (earnings per share) was $ 0.66 compared to $ 0.20 projected by expert consensus. It should be remembered that the entity is the only one of the six major US banks that has been forced to reduce its dividend, in this case, to 10 cents.

Unlike others like JP Morgan and Citigroup, that rise after triggering their profits thanks to trading in the pandemicWells Fargo has missed billing in this area.

Wells Fargo also continues to drag a fake account scandal dating back to 2016. Since then, the entity has been hit hard and its CEO, Charlie Scharf, It has recently recognized that they will be forced to cut jobs to cut expenses.

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