Wells Fargo's earnings aided by consumers, capital markets

Wells Fargo reported a 9% increase in quarterly profits, reaching $5.6 billion, surpassing analysts' expectations. CEO Charlie Scharf was appointed chairman, completing a transition despite shareholder opposition. The bank's strong performance was driven by growth in consumer and investment banking, with total revenue at $21.4 billion. Wells Fargo also raised its return on tangible common equity target to 17%-18%. CFO Mike Santomassimo noted consistent performance and improved credit metrics, attributing success to the resilient U.S. economy and strong client financial health.