Revenue of $20.6B fell from $21.3B a year ago. Net interest income of $10.6B fell $188M from Q4, with net interest margin of 3.2% off 7 bps. Noninterest income of $10B up $100M from Q4. Noninterest expense of $11.9B fell $137M Q/Q, $452M from a year ago. Efficiency ratio of 57.9% up 40 bps.
Net income in Community Banking of $3.8B rose 31% Y/Y on revenue of $12.6B which fell 2% (lower mortgage action). Noninterest expense of $6.8B fell 8%, thanks, in part, to job cuts in mortgages.
Wholesale Banking net income of $1.7B fell 15% from a year ago on revenue of $5.6B, off 8%.
Wealth, Brokerage, and Retirement net income of $475M rose 41% from a year ago on revenue of $3.5B, up 8%.
Common Equity Tier 1 ratio under Basel III of 11.36%.
CC at 10 ET
WFC +0.5% premarket