Wells Fargo shares climb on higher earnings, CEO calls for 'timely' trade resolution

Core Insights - Wells Fargo reported an increase in quarterly earnings driven by stable income from investment banking and wealth management, leading to a nearly 2% rise in shares during pre-market trading [1] Financial Performance - Net interest income decreased by 6% year over year to $11.50 billion [2] - Non-interest income, which includes investment banking fees, brokerage commissions, and advisory fees, rose by 1$8.65 billion from $8.54 billion last year [2] - Adjusted earnings per share were$1.39, a 16% increase year over year, but slightly below the estimate of $1.24 due to special items during the quarter [5] - Total revenue was reported at$20.15 billion, compared to the expected $20.75 billion [5] Share Buyback and Provisions - The company repurchased 44.5 million shares worth$3.5 billion in the first quarter [3] - Wells Fargo set aside $932 million as a provision for credit losses, which included a decrease in the allowance for credit losses [4] Economic Outlook - CEO Charlie Scharf emphasized the uncertainty in the economy due to the Trump administration's trade policies and called for a timely resolution [2][3] - The company anticipates continued volatility and a slower economic environment in 2025, with outcomes dependent on policy changes [3]