According to Wells Fargo, revenue from the wealth and investment management business increased 12% year over year; the consumer banking and credit business increased 5%, the corporate and investment banking sector increased 3%, and the commercial banking sector increased 6%. The bank added more than 660,000 new credit card accounts this quarter. Wells Fargo said that despite macroeconomic pressure and overall uncertainty, the consumer side is still resilient. CEO Schaff said in a statement: “Consumer spending has increased, loan overdue rates are low, and the size of deposit and investment assets has grown. Although high interest rates, high oil prices, and continued inflation pose risks to the economy, strong favorable factors such as AI infrastructure investment, high employment levels, and stable wage growth still outweigh these risks.”

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.