Wells Fargo quarterly profit drops nearly 21%

WELLS Fargo & Co reported a nearly 21% drop in first-quarter profit on Thursday, as rising inflation and interest rates, as well as worries over the economic impact of the Ukraine war dented its core businesses.

A lower-than-anticipated impact from the pandemic has also prompted banks to release reserves set aside to cover losses. Wells Fargo reduced its allowance for credit losses by $1.1 billion in the first quarter.