
Wells Fargo lifts Q1 profits but sees economic hold-up

Global financial services company Wells Fargo has warned of an economic slowdown caused by the United States trade war. Chief Executive Officer Charlie Scharf commented after announcing an increase in first quarter (Q1) earnings. “We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes,” Scharf said in a media release. “We and our customers come into the current environment from a position of strength that should serve us well. “We are prepared for a variety of outcomes, our focus is unwavering, and we will continue transforming Wells Fargo by investing to build a well-controlled, faster-growing and a higher-returning company while we work to better serve our customers and become more efficient.” Wells Fargo, which started operating stage coaches, said net income increased 6% to US$4.894 billion (A$7.89 billion) and diluted earnings per share (EPS) surged 15.8% to $1.39 despite revenue dropping 3.4% to $20.149 billion in the three months ended 31 March 2025. Scharf said Wells Fargo produced solid results with the EPS increase reflecting fee-based revenue growth across many co