Wells Fargo CEO Charlie Scharf announced a positive outlook for the second quarter, projecting mid-teen percentage growth for investment banking and trading revenue. Speaking at the Bernstein Strategic Decisions Conference, Scharf cited strong client activity as a primary driver for the expected increase in non-interest income.
The bank also anticipates robust performance in its wealth management division, forecasting low double-digit revenue growth for the quarter. This guidance follows a strong first quarter where the investment banking arm saw a 12.7% revenue increase and markets revenue grew by 19%. Scharf noted the bank aims to achieve this growth with little to no increase in expenses as it continues to focus on company-wide efficiencies.