Citigroup, Wells Fargo see earnings decline in Q2

By Ovunc Kutlu

ANKARA (AA) - Citigroup and Wells Fargo’s earnings declined in the year’s second quarter, according to financial results released on Friday.

Citigroup posted a net income of $4.5 billion in the April-June period, down 27% from $6.2 billion during the same period last year.

Its total revenue, however, rose 11% from $17.7 billion to $19.6 billion.

CEO Jane Fraser said in a statement that the global economy is in “a challenging macro and geopolitical environment.”

Wells Fargo saw its net income plummet 48% to $3.1 billion in the second quarter of the year, from $6 billion in the same period of last year.

Its revenue declined 16% to $17 billion, from $20.3 billion, year-on-year.