By Ovunc Kutlu NEW YORK (AA) – Two of three major investment banks had strong first-quarter earnings, according to statements released Thursday. Citigroup’s net income increase 17.1 percent to $4.1 billion in the first three months of the year, from $3.5 billion during the same period last year. The bank’s revenue rose nearly 2.8 percent to $18.1 billion from $17.6 billion. JPMorgan Chase also saw its net income jump near 16.8 percent to $6.45 billion compared to $5.52 billion in the first quarter of 2016. Revenues rose 6.3 percent to $25.59 billion in the first quarter of 2017, from $24.08 billion. But Wells Fargo had its first quarter revenue fall about 1 percent to $22 billion, from $22.2 billion in the first three months last year. Net income remained unchanged at $5.5 billion. Wells Fargo’s earnings were released three days after the bank completed an internal investigation that clawed back $75 million from former CEO John Stumpf, and head of the Community Bank Carrie Tolstedt. After the weak financial report, Wells Fargo’s stock fell by as much as 3.3 percent to $51.35.
