Wells Fargo Misses Lending Estimate, Sending Shares Plunging

Wells Fargo & Co. fell short across its primary income streams in the first quarter, pushing shares down as the bank reworks its business mix in a bid to accelerate growth.

Net interest income, the difference between what the company makes from lending and pays for deposits, totaled $12.1 billion. That was up from a year earlier but fell short of analysts’ estimates of almost $12.3 billion. Noninterest income, an aggregation of fees across business lines, came in at $9.35 billion, also lower than analysts’ consensus of $9.5 billion.