Wells Fargo 4Q Profit Rises 21% As Revenue Beats Views |
Wall Street Journal - Jan 19, 2011 |
Wells Fargo & Co.'s (WFC) fourth-quarter earnings rose 21% as the consumer banking giant continued to benefit from its huge acquisition of competitor Wachovia Corp. at the height of the financial crisis.
As the integration of Wachovia nears completion, Wells Fargo again reported record profits and revenue. Lending, particularly to business owners, picked up slightly, while new banking laws and a slowing mortgage business ate into retail banking revenue, its largest business segment.
"Over 60% of the company's $21.5 billion in fourth-quarter revenue came from businesses that produced double-digit revenue growth," Chief Financial Officer Howard Atkins told investors during a conference call. Wells Fargo's profit rose to $3.4 billion, helped by a $850 million fourth-quarter reduction of the reserve for future loan losses.
Chief Executive John Stumpf said during the call that "the Wachovia merger continues to exceed all of our expectations, and we are particularly pleased with the positive customer response."
Read Full Article from Wall Street Journal
- Posted: 2011-01-19 10:56:18
More Stock Investor Place Company News |
|
|
|
Stock Investor Place Company News Archive |
|
|