Wealth Management Lifts Wells Fargo’s Margin
Wells Fargo’s first-quarter profit increased by 6% on Friday, primarily due to the strength of the company’s wealth management division.
The fourth biggest American bank reported a quarterly net profit of $4.89 billion, or $1.39 per share, up from $4.62 billion, or $1.20 per share, in the first three months of the year.
Investment advisory fees and brokerage commissions rose by 7% to $3.17 billion from January to the end of March,
Analysts predict that the second quarter of 2025 will be more impacted by the stock market decline that occurred in the first quarter.
American banking stocks have suffered largely because of uncertainty around recession in the world’s largest economy. Moreover, the sector has drawn particular scrutiny following the turmoil triggered in early April by President Donald Trump’s tariffs on major trading partners.
The American banking industry had expected 2025 to be a much busier year for transactions, fueled by predictions of lower corporate taxes, more lenient regulations, and a generally pro-business stance under President-elect Donald Trump.
“While there are risks associated with such significant actions, we support the administration’s commitment to examining barriers to fair trade for the United States,” CEO Charlie Scharf stated. “We foresee a slower economic climate in 2025 and expect ongoing volatility and uncertainty, but the exact outcome will depend on the timing and results of”
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