Market Updates
Wells Fargo Net Drops 21%, Consumer Lending Fell 8%
Scott Peters
14 Apr, 2022
New York City
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Wells Fargo said total revenues in March quarter fell 5% from a year ago to $9.2 billion and net income dropped 21% to $3.67 billion and earnings per share fell 14% t0 88 cents from $1.02. Total deposits rose 5% to $1.464 trillion and net interest margin increased to 2.16% from 2.05%. The bank also repurchased 110.1 million shares for $6 billion in the quarter. Consumer lending fell 8%.
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