UPDATE 2-Wells Fargo posts higher profit on cost controls, rise in loans
Wells Fargo & Co reported higher
quarterly profit on Tuesday despite flat revenue as the bank
benefited from aggressive cost-cutting.
Revenue declined at Wells’ community bank and wholesale bank
as net interest income was squeezed by lower interest rates and
higher deposit costs. But profit in those segments jumped 26%
and 6%, respectively, due to lower overall costs.
quarterly profit on Tuesday despite flat revenue as the bank
benefited from aggressive cost-cutting.
Revenue declined at Wells’ community bank and wholesale bank
as net interest income was squeezed by lower interest rates and
higher deposit costs. But profit in those segments jumped 26%
and 6%, respectively, due to lower overall costs.
Posted by Reuters
