Data & Analytics

10:44 AM
Connect Directly

Record Q.1 Profit at Wells Fargo

Wells Fargo said Thursday it expects to "record" first quarter profit of "approximately three billion dollars," thanks to a better than expected performance by its new unit Wachovia.

Wells profit was also better than analysts expected, translating to about 55 cents per share, versus expectations of 23 cents per share.

The markets were lifted by the news, with shares in Wells Fargo jumping by about 30 percent.

San Francisco based Wells last October won a battle with Citi to acquire Wachovia Corp. of Charlotte, N.C. The combined entity has $1.3 trillion in assets and a coast-to-coast branch franchise.

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Bank Systems & Technology Radio
Archived Audio Interviews
New IT Models for New Financial Services Challenges