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Why Wells Fargo Stock Plunged 52% in the First Half of 2020

Why Wells Fargo Stock Plunged 52% in the First Half of 2020

According to data from S&P Global Market Intelligence, the stock fell 52% over the first half of the year. Adjusted earnings per share of $0.93, which excluded $0.33 per share in litigation charges related to the retail banking scandal, were down from $1.21 in the quarter a year ago, and missed estimates of $1.12. Lower interest rates also weighed on net interest income, which fell from $12.6 billion to $11.2 billion.