Wells Fargo Profit Surprise Offers Respite After Tough Start
- First-quarter net income rises to the highest in five years
- Revenue falls less than expected, expenses decline 7.3%
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Wells Fargo & Co. investors who stuck with the bank through a bumpy few months are being rewarded with the best first quarter in five years.
Net income climbed 14 percent as the bank cut costs and revenue fell less than expected. While the bank’s scandals claimed former Chief Executive Officer Tim Sloan during the period, they didn’t bring major legal costs like the $1 billion settlement that marred last year’s first quarter.