June set a new monthly record for auto originations, increasing 19% from Q1 and 48% from a year ago. With a 10% increase over Q1, mortgage origination volume was the highest since 2015. Credit card revenue posted a 14% increase versus the comparable quarter of 2020. Revenue increased 14% to $20.3 billion, and net charge-offs of $381 million dropped to 0.18% year over year.Ĭonsumer and small business revenue grew 7% year over year, as did auto originations revenue. EPS stood at $1.38 per share, well above the $0.97 estimate of analysts’ and up from a loss of $0.66 in Q2 of 2020. On July 14, Wells Fargo reported 2Q21 earnings. However, even the best formulated initiatives may stumble due to the Fed’s asset cap. banks, there is reason to believe an expansion of those divisions represents low-hanging fruit. Considering that Wells has the smallest trading and investment banking operations among the six largest U.S. There are also signs that the bank's restructuring efforts are progressing.įurthermore, there are areas in which the bank could likely grow revenues relatively easily by simply using its current customer relationships to build other offerings. However, to quote Bob Dylan, “the times they are a-changin’.” Thanks in part to a $1.6 billion decrease in its allowance for credit loss reserves, the bank beat analysts' estimates handily when it reported Q2 earnings last week. Melissa Kopka/iStock Editorial via Getty Imagesĭuring some of the darkest days of the pandemic, while JPMorgan ( JPM) and Bank of America ( BAC) battled slumping loan demand with increased revenue from their trading and investment banking divisions, Wells Fargo & Company ( NYSE: WFC ) suffered a $2.4 billion quarterly loss and cut the dividend by 80%.
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