Wells Fargo 3Q profit rises to $3.2 billion

Wells Fargo & Co. says its third-quarter profit nearly doubled from a year ago although it joins other big U.S. banks in reporting higher loan losses.
DEC 10, 2009
By  Bloomberg
Wells Fargo & Co. says 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. The bank's stock is down in trading before the opening bell on Wall Street.

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.