Wells Fargo 2Q profit of $2.58B surpasses expectations

Wells Fargo has joined other big banks in reporting significant second-quarter results, with a 47 percent rise in profit helped by its acquisition of Charlotte, N.C.,-based Wachovia Corp.
JUL 22, 2009
Wells Fargo has joined other big banks in reporting significant second-quarter results, with a 47 percent rise in profit helped by its acquisition of Charlotte, N.C.,-based Wachovia Corp. Wells Fargo posted net income of $2.58 billion, or 57 cents per share, for the quarter, above analyst expectations for 34 cents per share. The San Francisco-based retail bank said it had strong profit from its mortgage banking business. But, like Bank of America Corp. and JPMorgan Chase & Co., it reported rising losses from failed loans. Wells Fargo said it recorded a $5.1 billion provision for loan losses during the second quarter.

Latest News

FINRA cuts exam retake waiting periods for aspiring brokers
FINRA cuts exam retake waiting periods for aspiring brokers

Shorter waits for failed SIE and Series 7 candidates take effect Jan. 19, speeding the path to registration

Advisor moves: Ameriprise lands three RBC teams with $1.2B; Wells hails $900M recruiting haul
Advisor moves: Ameriprise lands three RBC teams with $1.2B; Wells hails $900M recruiting haul

Raymond James and Cetera also welcomed advisors from UBS and LPL as competition for experienced teams stays fierce

Atlanta B-D Arkadios Capital pays $500K to settle investor lawsuit involving former broker.
Atlanta B-D Arkadios Capital pays $500K to settle investor lawsuit involving former broker.

Jim Walesa worked in the securities industry for 39 years before leaving in 2021.

A tale of two consumers: The growing divide between Wall Street and Main Street
A tale of two consumers: The growing divide between Wall Street and Main Street

As the market turned from pricing in cuts to betting on hikes this year, the developing reality of a K-shaped economy has had real implications for households and investors alike.

Primerica alleges Osaic Wealth raided branch office and poached six advisors
Primerica alleges Osaic Wealth raided branch office and poached six advisors

Alleged cash payments, stolen client data, and a court that jumped the gun

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor