Wells Fargo's profit climbs despite lower revenue

Bank is seen as a bellwether for US housing market

Wells Fargo posted a rise in first-quarter net income even as the banking giant's revenue dropped from the year-earlier quarter.

Wells reported net income of $5.89 billion, compared with year-earlier income of $5.17 billion. Per-share earnings, reflecting the payment of preferred dividends, were $1.05 versus 92 cents a year earlier.

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110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the BrinkExternal link

110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the Brink