Wells Fargo’s 2nd-quarter earnings of $5.56 billion miss forecasts

Wells Fargo & Co. (WFC) on Friday reported second-quarter earnings of $5.56 billion.

The San Francisco-based bank said it had earnings of $1.01 per share.

The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.

The biggest U.S. mortgage lender posted revenue of $22.16 billion in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $22.23 billion.

Wells Fargo shares have declined 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 6 percent. The stock has decreased 15 percent in the last 12 months.

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