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Wells Fargo’s Earnings Up
World Economy

Wells Fargo’s Earnings Up

Wells Fargo reported a slight gain in third-quarter earnings on Wednesday, helped by an increase in borrowing from consumers and businesses, ABC reported. The San Francisco-based bank earned $5.44 billion after payments to preferred shareholders, or $1.05 a share, for the three-month period ending in September. That compares with a $5.41 billion, or $1.02 a share, in the same period a year earlier. Wells Fargo reported loan growth across all of its major businesses, from commercial and industrial loans to residential mortgages. Wells is often seen as a bellwether for the housing market because it is the largest mortgage lender in the US The bank originated $55 billion in mortgages in the last quarter.

 

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