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(AP) — Wells Fargo & Co. said Wednesday its first-quarter earnings fell 1 percent to $2.37 billion as the bank dealt with continuing losses on consumer loans.

However, the bank said it believes it has “turned the corner” with its credit problems.

The results have surpassed expectations and provided further evidence that the banking industry and the economy are recovering. However, Wells Fargo stock was down 2 percent at $33.01 in pre-opening trading.

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