image credit: Unsplash

Wells Fargo profits jump nearly sevenfold amid signs of economic recovery

April 14, 2021

The San Francisco-based lender expressed optimism that a bounce back of the American economy is starting to show results.

“Our results for the quarter … reflected an improving U.S. economy, continued focus on our strategic priorities, and ongoing support for our customers and our communities,” CEO Charlie Scharf said in a statement. “Charge-offs are at historic lows and we are making changes to improve our operations and efficiency, but low interest rates and tepid loan demand continued to be a headwind for us in the quarter.”

Read More on Banking Dive