Wells Fargo & Company announced on Friday that its net income in its first fiscal quarter of 2024 decreased 7% year over year to $4.6 billion compared to $5 billion from the same term in 2023 while diluted earnings per share reached $1.20 after falling 2% annually. Total revenue came at $20.9 billion in the first three months of the year losing 1% compared to $20.7 billion.
"Our solid first quarter results demonstrate the progress we continue to make to improve and diversify our financial performance [...] The remaining risk and control work continues to be our top priority and we will not be satisfied until all work is complete," CEO Charlie Scharf commented.
Wells Fargo shares went 1.68% down in premarket trade after the results were released to sell for $55.74 apiece.
