Wells Fargo CEO Charles Scharf listens during the Milken Institute Global Conference in Beverly Hills, Calif., on April 30, 2019.
Kyle Grillot | Bloomberg | Getty Images
Wells Fargo reported earnings and revenue that beat expectations for its first-quarter on Wednesday.
Here’s how the results stacked up to Wall Street estimates.
Earnings: $1.05 in earnings per share versus 70 cents a share expected, according to Refinitiv.
Revenue: $18.06 billion versus $17.5 billion expected.
Wells Fargo results were helped by a net benefit of $1.05 billion from reserve releases. Banks bulked up their credit loss reserves last year as the pandemic pulled the U.S. economy into a sharp recession, but the…