Wells Fargo said Thursday that new chequing account openings were down 35 per cent in March from the same month a year ago. Blue / Bloomberg )Wells Fargo’s first-quarter profit was essentially flat from a year earlier as new customers continue to stay away from the bank following its sales practice scandal. Overall, Wells Fargo reported net income of $5.46 billion, or $1 per share, in the quarter ending March 31, compared with $5.46 billion, or 99 cents per share, in the same quarter a year ago. In the quarter, Wells’ net interest income was $12.3 billion, up 5 per cent from a year earlier. “Wells Fargo continued to make meaningful progress in the first quarter in rebuilding trust with customers and other important stakeholders, while producing solid financial results,” said Wells Fargo’s CEO Tim Sloan in a prepared statement.

Source: thestar April 13, 2017 17:26 UTC