Financial giant Wells Fargo & Company reported a double-digit decline in its bottom line for the first quarter of the year but is confident of closing gaps in the next several years.

  • Net income for the first quarter stood at $3.671 billion, 36% lower than $5.750 billion in the previous quarter and 21% lower than the $4.636 billion the previous year. Diluted earnings per share were recorded at $0.88.
  • Total revenue for the period was $17.592 billion, indicating a 28% decline from $20.856 billion in the previous quarter and 5% lower than the same quarter in 2021. This includes $9.9221 net interest income and $8.371 billion in noninterest income.
  • Chief Executive Officer Charlie Scharf said the results reflected the continued economic recovery but noted that the path forward will be “uneven.” He remains confident that the firm will be able to address the remaining gaps moving forward.
  • Scharf said the firm is also well-positioned to provide support for clients in a slowing economy, as it will be a net beneficiary from the anticipated increase in interest rates with the Fed expected to tighten policy.

Wells Fargo’s stock repurchasing program stood at $6 billion, with the quarterly common stock dividend at 25 cents per share. WFC is down 4.20% premarket, while IYG is up 0.57%.