11:16 AM EDT, 04/11/2025 (MT Newswires) -- Wells Fargo's ( WFC ) first-quarter earnings came in ahead of Wall Street's estimates, while revenue fell more than expected, as the bank's chief executive, Charlie Scharf, called for a quick resolution to trade issues that have gripped markets recently.

Earnings for the quarter ended March 31 rose to $1.39 per share from $1.20 a year earlier, beating the consensus estimate of $1.23 on FactSet. Revenue edged down 3% year over year to $20.15 billion, trailing the Street's $20.72 billion view.

Wells Fargo ( WFC ) shares declined 4% intraday Friday.

"We support the administration's willingness to look at barriers to fair trade for the US, though there are certainly risks associated with such significant actions," Chief Executive Charlie Scharf said in a statement. "Timely resolution which benefits the US would be good for businesses, consumers, and the markets.

"We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes."

China on Friday reportedly raised its tariffs on US imports to 125%, in response to US President Donald Trump's move to hike duties on Beijing to 145%. Earlier in the week, Trump announced a 90-day pause for certain tariffs for non-retaliating countries.

Net interest income dropped 6% to $11.50 billion due to lower interest rates and loan balances, among other factors. Noninterest income was nearly flat at $8.65 billion as investment banking gains and asset-based fees in wealth and investment management were partially offset by lower trading gains in the markets business and a decrease in venture capital investments.

The first-quarter results included a $0.09 per-share tax benefit "related to the resolution of prior-period matters" and a $0.06 gain from the sale of a third-party segment of the company's commercial mortgage servicing business, according to the statement.

Corporate and investment banking revenue rose 2% year over year to $5.06 billion amid a double-digit gains in commercial real estate and investment banking. Wealth and investment management revenue grew 4% to $3.87 billion. Consumer banking and lending revenue fell 2% to $8.91 billion, while commercial banking sales slid 7%.

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