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.

The bank’s stock falls as revenue falls below forecasts, but profit tops as one-time items and share buybacks provided a big boost

Wells Fargo, the third-largest U.S. bank by assets, reported profit that rose from a year earlier, but Charlie Scharf, the lender’s chief executive, said in a statement alongside earnings Friday that