"Wells Fargo's First Quarter 2024 Profit Suffers from Decline in Interest Income"

Wells Fargo's first-quarter profit dropped by more than 7% due to higher deposit costs and decreased borrower demand, with net interest income falling 8%. Despite this, the adjusted profit exceeded analysts' estimates, driven by strong revenue in corporate and investment banking. The bank's stock fell 1.6% in early trading, and it reiterated expectations of a 7-9% NII decline for the year. The shifting U.S. interest rate outlook and regulatory constraints continue to impact the bank's performance, while CEO Charlie Scharf emphasized ongoing efforts to address remaining risk and control issues.