04.11.25

Wells Fargo Boosts Wealth Profit

by: Miriam Rozen; Karmen Alexander

Wells Fargo’s Wealth and Investment Management division posted rising revenue and profit in the first three months of the year, though executives warned on the company’s earnings call that that uncertainty looms. Net income increased 3% year-over-year to $529 million as revenue rose 4% to $3.87 billion. Non-interest expenses at the wealth division rose 4% year-over-year to $3.36 billion on “higher revenue-related compensation.” The results provided a limited view into Wells Fargo’s wealth division as the company in 2023 trimmed quarterly disclosures about its wealth division, removing broker headcount and average revenue per advisor. It has said its advisor roster is around 12,000.

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