Wells Fargo earnings point to a tough 2020
April 14, 2020 By Bruce Kelly, Investment News First-quarter performance shows weakness across the board in the bank's wealth management business Wells Fargo & Co.’s first quarter earnings, released Tuesday morning, showed weakness across the board in its wealth and investment management group, which includes Wells Fargo Advisors, with drops in total assets, advisory assets and net interest income when compared to the same quarter in 2019. Such declines have been widely expected, as the giant brokerage with 13,450 registered reps and financial advisers, along with the rest of the wealth management industry, comes to terms with the impact of the first quarter’s sharp decline in stocks as the broad economy grapples with effects of COVID-19. The Dow early Tuesday afternoon was trading close to 24,000, up 2.4% for the day. For 2020, the Dow...