US investment banks post first quarter earnings

By Ovunc Kutlu

NEW YORK (AA) - Two of three major investment banks had strong first-quarter earnings, according to statements released Thursday.

Citigroup’s net income increase 17.1 percent to $4.1 billion in the first three months of the year, from $3.5 billion during the same period last year.

The bank's revenue rose nearly 2.8 percent to $18.1 billion from $17.6 billion.

JPMorgan Chase also saw its net income jump near 16.8 percent to $6.45 billion compared to $5.52 billion in the first quarter of 2016.

Revenues rose 6.3 percent to $25.59 billion in the first quarter of 2017, from $24.08 billion.

But Wells Fargo had its first quarter revenue fall about 1 percent to $22 billion, from $22.2 billion in the first three months last year.

Net income remained unchanged at $5.5 billion.

Wells Fargo’s earnings were released three days after the bank completed an internal investigation that clawed back $75 million from former CEO John Stumpf, and head of the Community Bank Carrie Tolstedt.

After the weak financial report, Wells Fargo’s stock fell by as much as 3.3 percent to $51.35.