Wells Fargo: sharp increase in profits

(Boursier.com) — Wells Fargo, the Californian banking giant, published a profit of $5.77 billion for its third quarter, up 61% compared to last year’s $3.59 billion. The San Francisco bank had recorded a $2 billion charge a year earlier linked to regulatory problems. Wells Fargo posted quarterly earnings per share of $1.48, above the FactSet consensus of $1.24. revenues increased by 7% year-on-year to reach $20.86 billion, while the consensus was close to $20.1 billion.