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Wells Fargo profit shrinks more than 7% on lower interest income

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Loss of confidence in Saint Mary's leadership | SaltWire -Wells Fargo's profit fell more than 7% as it earned less from customer interest payments in the first quarter, sending its shares down 3% in premarket trading.

The bank also paid $284 million into a Federal Deposit Insurance Corp fund that was drained last year after three regional lenders failed. Higher-for-longer rates could boost lenders' earnings as they bring in more money from interest payments. The lender still has eight open consent orders after the U.S. Office of the Comptroller of the Currency terminated a 2016 punishment in February.

 

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Wells Fargo profit shrinks on lower interest incomeNet income declined to $4.62 billion, or $1.20 per share, for the three months ended March 31, the lender reported on Friday. Wells Fargo's net interest...
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