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Executives from across the banking industry spoke on Friday about the uncertainty surrounding the Trump administration's tariffs, the stock market, and the possibility of a recession.

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Trade between the U.S. and China -- worth $582 billion in 2024 -- has apparently ground to a halt.

A slew of big financial names announced their quarterly reports before the bell this morning, including Wells Fargo & Co (NYSE:WFC).

Wells Fargo & Co WFC shares are trading lower on Friday. This is despite the company reporting earnings higher than estimated, coming in at $1.39, which was five cents ahead of estimates.

The headline numbers for Wells Fargo (WFC) give insight into how the company performed in the quarter ended March 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

(Reuters) -Wells Fargo's profit beat expectations in the first quarter as the bank cut costs and set aside less money to cover potential loan losses, but its CEO warned on Friday that U.S. tariffs risk slowing economic growth. U.S. banks entered 2025 with a bullish outlook, backed by a resilient economy, resurgent dealmaking and business-friendly pronouncements from the Trump administration. aAdsList.push('Article'); aAdsListSize.push([300, 250]); aAdsListCA.push(null); The optimism unraveled over the last week as President Donald Trump's fluctuating tariff announcements stoked concerns about inflation that could tip the U.S. economy into recession. "We support the administration's willingness to look at barriers to fair trade for the United States, though there are certainly risks associated with such significant actions," CEO Charlie Scharf said in a statement. "We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual o

Profits at major U.S. banks beat forecasts in the first quarter as stock trading jumped, but executives warned on Friday that sweeping tariffs could fuel risks and weigh on economic growth.

Wells Fargo & Co (NYSE:WFC, ETR:NWT) shares edged lower before Friday's opening bell as the bank posted a year-over-year drop in revenue to $20.15 billion, short of analyst projections of $20.7 billion. Net Interest Income fell 6% from the year-ago quarter to $11.5 billion, attributed to lower interest rates, partially offset by reduced deposit pricing and increased balances.

Wells Fargo (WFC) came out with quarterly earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.23 per share. This compares to earnings of $1.26 per share a year ago.