Wells Fargo & Co. reported record net income of $3.8 billion, or 67 cents per diluted common share, for the first quarter of 2011, up from $2.5 billion, or 45 cents per share, for the first quarter of 2010. “Our strong first-quarter results reflected positive trends in our business fundamentals as credit quality improved, capital ratios increased and cross-selling reached new highs,” Chairman and CEO John Stumpf said in a press release. “As the ued an uneven recovery, our business customers increased borrowing and utilizateconomy continion of credit lines – a hopeful sign that businesses are once again investing for growth.”