What You Need to Know
- Overall, the bank's advisor headcount dropped by 1,087, or 8%, from a year ago to 13,277.
- The wealth unit has a total of $2.06 trillion of client assets, up 28% year over year.
- During the first quarter, the bank moved to sell its Asset Management and Corporate Trust businesses.
Wells Fargo beat estimates with profits of $4.74 billion in the first quarter, up from $653 million a year earlier.
Its earnings per share were $1.05, topping estimates and beating $0.01 in the year-ago quarter, when it and many other large banks put aside funds over concerns tied to the pandemic.
Total revenues, though, grew just 2% year over year to $18.06 billion.
“Our results for the quarter, which included a $1.6 billion pre-tax reduction in the allowance for credit losses, reflected an improving U.S. economy, continued focus on our strategic priorities, and ongoing support for our customers and our communities,” said CEO Charlie Scharf in a statement.
What Your Peers Are Reading
During the first quarter, the bank moved to sell its Asset Management and Corporate Trust businesses.