Reuters reports that choppy markets in the quarter cut Wells Fargo's trust and investment fee revenue by 5% to $3.51bn. That figure includes brokerage advisory, commissions and other fees, trust and investment management and investment banking.
Such fees are closely watched by analysts to assess the health of the wealth business. The unit offers mutual funds and other investment products, and serves a range of clients from those with more than $50m in assets served by its Abbot Downing brand to mass market consumers.
In the brutal revenue environment since the financial crisis, Wells Fargo and other banks have turned increasingly to wealth management to boost returns.
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