Wells Fargo reported a decrease in profit during the third quarter due to a reduction in interest income caused by weak loan demand and increased payouts to depositors. The fourth-largest bank in the United States reported a net income of $5.11 billion for the quarter concluding on September 30, down from $5.78 billion in the previous year. The quarterly profit per share stood at $1.42, compared to $1.48 from a year earlier.
Similarly, JPMorgan Chase also recorded a decline in profit in the third quarter as it bolstered provisions for potential loan defaults, as announced by the bank recently. The profit for the quarter ending on September 30 was $12.90 billion, a drop from $13.15 billion reported in the corresponding period last year.
