Wells Fargo’s wealth, brokerage and retirement business posted $3.2 billion in revenue for the first quarter on Wednesday, up 8% from the previous year as asset-based revenue and net interest income increased.
The wealth, brokerage and retirement unit’s first quarter revenue was also up 4% from the fourth quarter due to increases in asset-based revenue and brokerage securities. The unit’s net income increased to $339 million for the quarter, marking a $57 million increase from the first quarter of 2010 and a $142 million increase from the fourth quarter.
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