Wells Fargo Now Trading Down 7.95%

Shares of Wells Fargo

are getting crushed on Monday after the company reported a drop in revenues for the third quarter. The bank reported net income of $3.84 billion or $0.72 per share versus $3.15 billion or $0.60 per share in the year ago quarter. This was in line with Wall Street analysts' consensus EPS estimates of $0.72. Revenues, on the other hand, missed consensus estimates. Wells Fargo reported a 6% decline in revenue to $19.63 billion versus $20.87 billion in last year's third quarter. This missed Street expectations of $20.21 billion. As a result, WFC shares have shed 7.95% to $24.55.