COVID-19 takes a toll on Wells Fargo's first quarter earnings

Posted at 9:42 AM, Apr 14, 2020
and last updated 2020-04-14 12:43:24-04

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.

Read more from the Phoenix Business Journal.