WELLS Fargo & Co reported a nearly 21% drop in first-quarter profit on Thursday, as rising inflation and interest rates, as well as worries over the economic impact of the Ukraine war dented its core businesses.
A lower-than-anticipated impact from the pandemic has also prompted banks to release reserves set aside to cover losses. Wells Fargo reduced its allowance for credit losses by $1.1 billion in the first quarter.
Already a subscriber? Log in.
Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
