Wells Fargo 3Q profit rises to $3.2 billion
Wells Fargo & Co., parent of Wachovia Bank, today said its third-quarter profit nearly doubled from a year ago although it joins other big U.S. banks in reporting higher loan losses.
The nation's fourth-largest bank says it earned $3.2 billion, or 56 cents per share, in the period ended Sept. 30. Analysts, on average, were expecting earnings of 37 cents per share.
The San Francisco-based bank says losses from bad loans climbed to $5.1 billion. Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. have all reported higher credit losses as consumers struggle to pay off their bills.
Wells Fargo, which acquired Wachovia Corp. last fall, says it expects credit losses to peak in 2010.
Shares were down 9 cents, to $30.37 in midday trading. - AP
