Profits rose for Wells Fargo’s wealth management division in the second quarter of 2022, but the company saw advisor headcount and client assets fall.
The San Francisco-headquartered bank reported $603 million in net income from its Wealth and Investment Management arm, representing a 30% year-over-year increase, according to its July 15
Executives speaking on Wells Fargo’s earnings call on July 15 attributed the growth in net income to an increase in interest rates and loan balances.
“Revenue declined as growth in net interest income, driven by rising interest rates and higher loan balances, was more than offset by lower noninterest income as market conditions negatively impacted our venture capital, mortgage banking, investment banking, and wealth management advisory businesses,” CEO Charlie Scharf said during the call, according to a transcript from investment website
For coverage of the company’s first-quarter earnings,