Wells Fargo’s wealth, brokerage and retirement unit saw its first-quarter profits slide $47 million, or 14%, to $296 million from the year-ago quarter and down $15 million, or 5%, from the fourth quarter.
The unit recorded sales of $3.1 billion, down $92 million, or 2.9%, from the first quarter last year. Company officials said the revenue decline was the result of shrinking brokerage transaction revenue and sliding securities gains in its brokerage business. However, the decline was partially offset by higher gains on deferred compensation investments and growth in fee revenue from managed accounts.
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