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Wells Fargo reports fall in Q1 earnings

Wells Fargo & Company, a provider of financial services, has reported a net income of $2 billion for first quarter of 2008, compared with net income of $2.24 billion in the same quarter of 2007.

For the quarter, revenue of the company was $10.6 billion, up $1.1 billion, or 12% compared with the revenue recorded in the comparable quarter of 2007.

Net interest income for the period increased $750 million, or 15%, compared with the net interest income earned during the corresponding period in 2007.

Howard Atkins, CFO of Wells Fargo & Company, said: Our first quarter results reflected a great combination of solid business growth, strong operating margins and further balance sheet strengthening.

We continued to have a good balance between loan and deposit spread revenue and fee-based revenue, reflecting record cross-sell in both our retail and wholesale businesses.