Wells Fargo reported Q1/16 net income of $5.46 billion, down from $5.8 billion for Q1/15. Total revenue for the period of $22.2 billion was up from $21.3 billion in Q1/15.
The following highlights were excerpted from the Wells Fargo news release:
Chairman and CEO John Stumpf said, “Wells Fargo’s first quarter results reflected the benefit our diversified business model as we managed challenges presented by a volatile operating environment for our industry. We again generated solid growth in the fundamental drivers of long-term value creation: loans, deposits and capital. We also completed two important acquisitions from GE Capital, which are great additions to our company and demonstrate the benefit of our strong financial position. We remain focused on meeting the financial needs of our consumer and business customers, and I believe we are we are well positioned for the future.
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