Wells Fargo sees profits, revenue drop amid renewed uncertainty

CHARLOTTE — Wells Fargo & Co. saw profits drop 21% year over year in the first quarter, signaling an end to pandemic-related boosts.

San Francisco-based Wells Fargo posted net income of $3.67 billion, or 88 cents per diluted share, in the first quarter. The results include a $1.1 billion decrease in the allowance for credit losses. That’s compared to net income of $4.64 billion, or $1.02 per diluted share, in the same quarter of 2021.

Revenue in the first quarter came to $17.59 billion, a 5% decrease from a year ago.

Today’s results beat analysts’ income expectations, which averaged 81 cents per share. However, they fell short of the average revenue prediction at $17.81 billion.

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