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Wells Fargo's third-quarter profit rises 2.7% to $5.73 billion
Wells Fargo's third-quarter profit rises 2.7% to $5.73 billion

Wells Fargo & Co., the biggest U.S. home lender, posted third-quarter profit that matched analysts' estimates as fees from mortgage banking fell and lending margins narrowed. Net income rose 2.7% to $5.73 billion, or $1.02 a share, from $5.58 billion, or 99 cents, a year earlier, the San Francisco-based lender said Tuesday. That met the average estimate of analysts surveyed by Bloomberg. Chief Executive John Stumpf, 61, faces slackening demand for mortgages as the housing market shifts away from a refinancing boom that propelled profits in earlier years. With interest rates still near record lows, Wells Fargo's net interest margin, a measure of profitability, has declined to...

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