Wells Fargo Profit Rises
CBJ — Strong results were posted in the past quarter by Wells Fargo, which had a 32% spike in quarterly profit. Much of the gains are said to be on an effective cost-cutting plan while handing out more personal and auto loans.
A series of highly-publicized scandals, fines and regulatory probes have put a big dent in the U.S. bank’s reputation, especially in consumer banking.
Total revenue in the quarter was up 0.4% to $22 billion with its stock rising 1.2% to just over $52 per share.