The Wells Fargo Bank branch will be seen in New York City on March 17th, 2020.
Gina Moon | Reuters
Wells Fargo on Friday reported quarterly revenues rising against the backdrop of stable income from investment banking and asset management.
Based on an analyst survey by LSEG, the bank reported in the first quarter compared to what Wall Street had expected:
Earnings per share adjustment: $1.39, 16% higher than the previous year, exceeding the estimated $1.24.
Wells Fargo shares fell 2% in the morning trading after the results.
Net interest income, an important measure of what banks make on loans, fell 6% year-on-year to $115 billion. Non-interest income, including investment banking fees, brokerage fees and advisory fees, rose 1% to $8.65 billion, up from $8.54 billion last year.
CEO Charlie Scharf highlighted the economic uncertainty brought about by the Trump administration’s actions to reorient global trade, sought a timely resolution.
“We support the administration’s willingness to consider US fair trade barriers, despite the risks associated with such important actions,” Shalf said in a statement. “Timely solutions that benefit the US are good for businesses, consumers and markets. We are preparing for slow economic environment in 2025, with the hopes of continued volatility and uncertainty, but the actual outcomes will depend on the outcome and timing of policy changes.”
Wells Fargo repurchased 44.5 million shares worth $3.5 billion in the first quarter.
The San Francisco-based lender has set aside $932 million in credit loss provisions, including a reduction in credit losses.
