The current environment is not ideal for earnings growth, says Wells Fargo (WFC -1.7%) CEO John...

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

The current environment is not ideal for earnings growth, says Wells Fargo (WFC -1.7%) CEO John Stumpf on the earnings call, touting his bank's diversity of revenue streams. Well, mortgage banking accounted for 26% of noninterest income (presentation) in Q1, and if you listen to Jamie Dimon, there's little business left for the banks to squeeze out of the HARP program. For Wells, mortgage profit of $2.8B in Q1 was off 9% sequentially, off 3% Y/Y.