Net income was boosted by a $1.6 billion release of loan-loss reserves.

The San Francisco company has now backed 11 minority-owned banks as part of a $50 million pledge it announced last year.

Shares of the company advanced after it issued a statement about the bank’s prime-brokerage relationship with the family office.

The Rainforest Action Network says the 2020 decline stemmed more from weak energy demand during the pandemic than banks’ pledge to reduce financing to firms that contribute to climate change.

Wells Fargo, disposing of units to simplify operations, agreed to sell its corporate trust business to Australia’s Computershare Ltd. for $750 million.

Wells Fargo Chief Executive Charlie Scharf said he sees the U.S. economy coming back from the coronavirus pandemic in a strong way in the second half of the year.

The two banks are pushing back against shareholder requests for sweeping audits of how they handle racial equity as the industry faces mounting public scrutiny of its historic role in economic disparities.

Wells Fargo is dropping the Abbot Downing name for managing ultrarich clients’ money as wealth and investment management head Barry Sommers remakes the unit.

The bank also committed to finance $500 billion in sustainable businesses and projects by 2030.

Less than half of consumers believe financial services providers adequately protect their personal information, according to an Arizent survey. Banks such as Wells Fargo and Bank of Idaho are offering mobile tools and cybersecurity education that could help rebuild trust.