Wells Fargo keeps disappointing investors, while trying to keep its sales people happy

Wells Fargo & Co. continued to disappoint investors with its earnings report released early Friday, but it still kept its sales people happy, as commissions and incentive pay increased while profit and revenue fell below expectations.

The stock WFC, -1.20% tumbled as much as 4.3% intraday, before paring losses to trade down 1.1% in afternoon trade. That puts the stock on track to decline on the day earnings were reported for the sixth-straight quarter, as well as for 11 of the past 12 quarters and 15 of the past 17.

Wells Fargo reported before Friday’s open second-quarter net earnings that fell to $5.19 billion, or 98 cents a share, from $5.86 billion, or $1.08 a share, in the same period a year ago, missing the FactSet consensus of $1.12 a share.

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