UPDATE 3-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 lower costs.
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 lower costs.
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
