Wells Fargo's wealth and investment management profits increased 14% to $584 million in the latest quarter, but in year-over-year comparisons it fell 3%. This annual decline in profits came against a backdrop of a 2% increase in AUM, which touched $1.7 trillion. Total client assets for the wirehouse's wealth management segment dipped 0.4% to $224 billion.

The firm saw the profits boost despite a 14% quarterly increase in income tax expenses.

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