Struggling with costly acquisitions, Wells Fargo & Co. and Banc One Corp. on Tuesday turned in surprisingly poor second-quarter earnings results.

Wells Fargo, the nation's ninth-largest bank, reported that earnings fell 37% from a year earlier, to $228 million, due to higher-than-expected expenses stemming from its acquisition of First Interstate Bancorp. Wells had warned last week that earnings would be below expectations-but the actual results were 3 cents a share worse than even the revised consensus forecast.

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