The wealth and investment management division of Wells Fargo has reported a net income of $577m for the first quarter of 2019.

This is a 19% slump from last year’s figure of $714m.

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The unit’s revenue for the quarter ended 31 March 2019 was $4.08bn, a fall of 4% from $4.24bn a year ago.

The fall was said to be due to lower asset-based fees and brokerage transaction revenue.

The division’s client assets totalled $1.8 trillion at the end of March 2019, a decrease of 2% from the previous year.

Client assets at the wealth management business were $232bn, a 4% fall on a year-on-year basis.

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Asset under management at Wells Fargo Asset Management totalled $476bn, down 4% compared to last year.

The decrease was said to be driven by equity and fixed income net outflows and the divestiture of Wells Fargo Asset Management’s majority stake in The Rock Creek Group.

Overall, the banking group registered a net income of $5.86bn in the first quarter of 2019, up 14% from $5.14bn in the same quarter of 2018.

The group’s revenue dipped to $21.6bn from $21.9bn.

Wells Fargo CFO John Shrewsberry said: “Our financial results included continued strong credit performance and high levels of liquidity.

“In addition, our continued de-risking of the balance sheet and consistent level of profitability have resulted in capital levels well above our regulatory minimum.

“As a result, we returned $6.0 billion to shareholders through common stock dividends and net share repurchases in the first quarter, up 49% from a year ago. Returning excess capital to shareholders remains a priority.”