The wealth and investment management (WIM) arm of Wells Fargo has posted a net income of $732m for the third quarter of 2018, an increase of 2% compared to $719m in the previous year.
The unit’s revenue for the quarter ended 30 September 2018 was $4.22bn, down 1% from $4.25bn in the same period last year.
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The bank attributed the fall in revenue to lower net interest income and brokerage transaction revenue.
The division’s client assets at the end of September 2018 totalled $1.9 trillion, a 2% rise from last year. Client assets at the wealth management business remained stable at $240bn.
Asset under management (AuM) at Wells Fargo Asset Management were $483bn, a 3% decrease from the previous year.
Overall, the banking group reported a net income of $6bn for the third quarter of 2018, a 32% surge from $4.54bn a year ago. The group’s revenue remained almost unchanged at $21.9bn.
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By GlobalDataWells Fargo CEO Tim Sloan said: “In the third quarter, we continued to make progress in our efforts to build a better Wells Fargo with a specific focus on our six goals: risk management, customer service, team member engagement, innovation, corporate citizenship and shareholder value.
“We are strengthening how we manage risk and have made enhancements to our risk management framework. We also continued to make progress on customer remediation, which is an important step in our efforts to rebuild trust.”
