Wells Fargo & Co.'s first-quarter earnings took a hit as the financial-services industry grapples with economic fallout from the novel coronavirus.
This morning, the bank reported net income of $653 million, or 1 cent per diluted share, for the first quarter of 2020.
Revenue for the quarter came to $17.7 billion, an 18% drop year over year.
By comparison, Wells Fargo posted net income of $5.9 billion, or $1.20 in diluted earnings per share, in the first quarter of 2019.
