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Wells Fargo & Co. , which became Philadelphia's largest bank when it bought Wachovia Corp. last year, reported higher-than-expected profit yesterday. So why did the stock fall 5 percent? Full Article at Philly.com
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Oct. 22 (Bloomberg) -- Wells Fargo & Co. earned almost a third of its pretax quarterly profit by hedging mortgage- servicing rights, producing gains similar to those that have helped some of the biggest U.S. banks offset weaker consumer- lending... Full Article at Bloomberg.com
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Shares of Wells Fargo fell 5.1 percent after Richard X. Bove, the outspoken banking analyst at Rochdale Securities, cut his rating on the stock to “sell” on Wednesday afternoon, saying the bank’s third-quarter profit of $3.2 billion was “unsustainable”... Full Article at Dealbook
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the curve in realizing credit losses and have strong unimpaired core earnings power." Wells Fargo & Co.'s profits nearly doubled in the third quarter — but the bank also reported a sharp increase in loan losses. Full Article at Contra Costa Times
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NEW YORK -- Wells Fargo & amp; Co. on Wednesday reported a $2.6 billion third-quarter profit as the company's retail banking operations, including the businesses it acquired with the purchase of Wachovia Corp. , offset rising loan losses. Full Article at The Washington Post
