Wells Fargo’s NII Falls Short as Expenses Cut More Than Forecast

Wells Fargo & Co. missed analysts’ estimates for net interest income in the first quarter with soft loan demand hurting the bank’s largest revenue stream as tariff uncertainty clouds the US economic outlook.

The San Francisco-based firm generated $11.5 billion in net interest income, the difference between what it makes from lending and pays for deposits, falling short of expectations of $11.8 billion. Still, non-interest expenses were better than forecast, with a 3.1% decline to $13.9 billion, as Chief Executive Officer Charlie Scharf works to cut costs.