Although credit losses have continued their assault on the banks, Wells Fargo has once again exceeded expectations. Today, the bank announced that it had earned more than three billion dollars, or nearly 60 cents per share. The numbers are up more than eighty percent compared to the previous year. Expected earnings were projected at around 1.5 billion dollars.
This is the second consecutive quarter that boasted hefty profits for a bank who had been hit with more than a 2.5 billion dollar loss in late 2008. However, the loss was almost entirely due to Wells Fargo's decision to acquire the ailing bank Wachovia.
In a statement released, Wells Fargo CEO John Stupf said, "Our team achieved these results while undertaking the largest merger integration in U.S. banking history and despite the challenging economy."
-- Edited by TW on Friday 24th of July 2009 09:48:16 AM
