The first-quarter results reporting season in the US financial services sector has started. Wells Fargo is one of the first banks out of the gate to disclose its numbers.

Wells Fargo said today that its net income in the first quarter of 2025 rose to $4.894 billion from $4.619 billion a year before, on the back of a rise in total revenue to $20.149 billion from $20.863 billion.

The California-headquartered bank kicked off the first-quarter results season in the US; figures to the end of March will not yet have captured the full impact of the slide in equities and other markets that have taken place since President Donald Trump unveiled sweeping tariffs more than a week ago.

Within wealth and investment management – a segment that covers private banking – Wells Fargo said total client assets at March 31 reached $2.232 trillion, up 2 per cent on a year earlier; net income at the wealth and investment arm rose 3 per cent year-on-year to $391 million. Non-interest income rose 6 per cent to $3.048 billion; interest income fell 5 per cent to $826 million.

Charlie Scharf, CEO, commented on the outlook and reflected on the potential tariff impact.

“We support the administration’s willingness to look at barriers to fair trade for the United States, though there are certainly risks associated with such significant actions. Timely resolution which benefits the US would be good for businesses, consumers, and the markets,” he said. 

“We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes. We and our customers come into the current environment from a position of strength that should serve us well,” Scharf added.