Wells Fargo 1Q Profit Drops 16%

Wells Fargo (WFC) said Wednesday that its first-quarter net income declined 16%t to $2.54 billion or 45 cents per share, for the first three months of 2010. That’s down from net income of $3.05 billion, or 56 cents per share, y/y basis. Analysts had forecast earnings of 42 cents per share, according to Thomson Reuters (TRI). Revenue rose 2 percent to $21.4 billion.