Wells Fargo’s quarterly profit falls 21%

Wells Fargo & Co.’s first-quarter profit fell 21% despite increased lending and a release of more than $1 billion in funds the bank had set aside for potential losses.

The San Francisco-based bank said Thursday it made $3.67 billion in the first quarter, compared with $4.64 billion a year ago. Earnings per share came in at 88 cents, up from the 81 cents expected by analysts polled by FactSet. Wells Fargo’s quarterly profit falls 21%

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