Here's Why Wells Fargo Stock Is Plunging on Friday

Matthew Frankel, CFP, The Motley Fool
·2-min read
Here's Why Wells Fargo Stock Is Plunging on Friday

The stock market was having a rough day on Friday, with the Dow Jones Industrial Average and S&P 500 both lower by about 1%. While the bank's earnings per share beat expectations, revenue fell short, thanks to worse-than-expected net interest income. CEO Charlie Scharf expressed disappointment in the bank's results and acknowledged the work necessary to put the bank's "legacy issues" behind it is weighing on earnings.