Wells Fargo income, revenue decrease in first quarter

ANKARA

Wells Fargo saw its income and revenue fell in the first quarter, according to a financial results statement released Thursday.

The US-based multinational financial services company had a net income of $3.67 billion from January-March 2022, down almost 21% from $4.64 billion last year.

Revenue came in at $17.6 billion, a 5% decline from $18.53 billion in 2021.

CEO Charlie Scharf said the Federal Reserve has made it clear that it will take necessary actions to reduce inflation and it would certainly reduce economic growth.

"In addition, the war in Ukraine adds additional risk to the downside," he added.

Wells Fargo's stock price was down 3.8% to $46.69 at 11.07 a.m. EDT on the New York Stock Exchange.