Eric Thayer | Bloomberg | Getty Images
Pedestrians pass in front of a Wells Fargo bank branch in New York.
Wells Fargo reported lower revenue and profit for the second-quarter, falling short of expectations as it tries to move on from its regulatory issues.
The bank said Friday that earnings per share were 98 cents on a GAAP basis, including a 10 cent per share tax expense. It was unclear whether that compares directly to Wall Street's $1.12 estimate.
Shares of Wells Fargo fell 2.6 percent in premarket trading.
Wall Street had expected revenue of $21.677, according to Thomson Reuters. Net income of $5.186 was also shy of expectations, which called for net income of $5.47 billion.
The bank has been under pressure for several quarters because of multiple probes into its sales practices. But the Federal Reserve gave it the go-ahead last month to buy back $24.5 billion of its stock, more than double the amount it bought last year, and raise its quarterly dividend four cents to 43 cents a share. Earlier this year, the Fed slapped a cap on Wells Fargo's assets, telling it to improve operational controls.
Shares of Wells Fargo are down nearly 8 percent this year.
Earlier Friday, JPMorgan Chase reported its second-quarter results.
This is breaking news. Please check back for updates.
