Topics

Earnings Forecasts
Wells Fargo first quarter profit jumps 14%, beating expectations
Wells Fargo first quarter profit jumps 14%, beating expectations

California's banking giant, Wells Fargo & Co., reported 14% higher first quarter earnings, powering well beyond Wall Street's expectations as declining loan losses and operating cost cuts offset the slowdown in mortgages at America's largest home lender.  San Francisco-based Wells Fargo, the fourth-largest U.S. bank by assets, said it earned $5.89 billion, $1.05 per share. That compared to $5.17 billion, 92 cents a share, in last year’s first quarter. Revenue declined 3% to $20.63 billion. The consensus of financial analysts had been for per-share earnings of 97 cents on revenue of $20.6 billion, according to a Thomson-Reuters poll. Wells Fargo's stock...

Loading