The bank's new CEO pledges to “make the fundamental changes necessary to regain the full trust and respect of all stakeholders."
The bank's CFO pointed to loan and deposit growth in the third quarter as evidence of strong fundamentals.
The bank's shares fell 3% as net interest income dropped and it warned that 2019 expenses will be near the high end of its target.
The bank's Q1 earnings beat estimates but it reduced its net interest income guidance for 2019 to a 2% to 5% decline.
Bank executives point to progress in cost-cutting initiatives as evidence that Wells Fargo's turnaround effort is on track.
The bank is "still in the early stages of addressing the likely earnings headwinds" from the scandal over its sales practices, an analyst says.
The bank's profit continues to be weighed down by low interest rates, with net interest margin falling to 2.86% in the second quarter.
Wells Fargo, Humana, Warner Music, Dynamic Materials, Medivation, Synchronoss Technologies, Sizmek, Lakeland Financial
