Wells Fargo & Co. Stock News

Executives from across the banking industry spoke on Friday about the uncertainty surrounding the Trump administration's tariffs, the stock market, and the possibility of a recession.

A slew of big financial names announced their quarterly reports before the bell this morning, including Wells Fargo & Co (NYSE:WFC).

Profits at major U.S. banks beat forecasts in the first quarter as stock trading jumped, but executives warned on Friday that sweeping tariffs could fuel risks and weigh on economic growth.

Wells Fargo & Co (NYSE:WFC, ETR:NWT) shares edged lower before Friday's opening bell as the bank posted a year-over-year drop in revenue to $20.15 billion, short of analyst projections of $20.7 billion. Net Interest Income fell 6% from the year-ago quarter to $11.5 billion, attributed to lower interest rates, partially offset by reduced deposit pricing and increased balances.

Wells Fargo (WFC) reported better-than-expected quarterly earnings, though CEO Charlie Scharf said the bank is bracing for a slower economy this year amid worries President Donald Trump's tariffs could slow economic growth.

Net interest income, a key measure of what a bank makes on loans, fell 6% year over year to $11.50 billion,

Wells Fargo booked a bigger profit in the first quarter, which ended just before President Trump's tariffs set off market turmoil.

Shares of Wells Fargo & Co. WFC edged up 0.9% in premarket trading Friday, after the bank topped first-quarter profit expectations, to offset revenue that disappointed due to weakness in consumer and commercial banking.