Quarterly net income of Wells Fargo 2007-2023

The quarterly net income of Wells Fargo grew overall between 2007 and 2023, albeit with significant fluctuations. After the financial crisis in 2007/2008, the quarterly income of the bank grew relatively steadily until 2019, when it started a sharp decrease. The first quarter of 2020 recorded a record low quarterly income as a result of the economic slowdown due to the COVID-19 pandemic. In the next year, Wells Fargo's quarterly income increased again but not for long: From the first quarter of 2022, the income of the U.S.-based banking giant declined sharply. The income growth rate in the last quarter of 2022 was minus 50.2 percent, the lowest since the third quarter of 2020. In 2023, the net income of Wells Fargo rose sharply, and the year-on-year percentage change exceeded 63 percent in the third quarter of 2023.