Wells Fargo reports 7% decline in Q1 profit, surpasses forecasts
SAN FRANCISCO, California: Wells Fargo reported a seven percent decline in first-quarter profit, surpassing analysts' forecasts despite increased costs associated with customer deposits and a drop in borrower demand.
The bank's stock experienced a 2.1 percent decline, reflecting investor concerns over the uncertain outlook for interest payments in the near future.
The bank anticipates a seven percent to