Wells Fargo has record quarter but concerns remain

Wells Fargo & Co. (WFC) today became the latest financial institution to report record-setting earnings. Not all of the "records," however, are good.

Net income at the San Francisco-based company soared to $3.05 billion, or 56 cents a share, in the first quarter, up 53 percent from $1.99 billion, or 60 cents, a year earlier. The difference in the per-share figures is due to an increase in the number of shares outstanding.