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. Like Citigroup and JPMorgan Chase, who also reported their results on Thursday, Wells did benefit somewhat from the rise in interest rates since a year ago. The Federal Reserve has raised interest rates twice recently, last December and in March. In the quarter, Wells' net interest income was $12.3 billion US, up 5 per cent from a year earlier. In September, regulators fined the San Francisco bank $185 million US for opening more than two million accounts fraudulently by employees to meet sales goals.

Source: CBC News April 13, 2017 17:37 UTC