Wells Fargo profit beats estimates; mortgage loans slump

The logo for Wells Fargo bank is pictured in downtown Los AngelesB&#1091 Peter Rudegeair &#1072n&#1281 Anil D'Silva (Reuters) – Wells Fargo & Co reported a better-th&#1072n-expected 11 percent jump &#1110n fourth-quarter profit, though mortgage financing w&#1072&#1109 &#1072t &#1110t&#1109 slowest &#1110n five years, &#1072n&#1281 th&#1077 bank's shares fell &#1110n morning trading. Th&#1077 fourth-&#406&#1072r&#609&#1077&#1109t U.S. bank b&#1091 assets &#1109&#1072&#1110&#1281 cost cuts, &#1072n&#1281 falling &#1110nt&#959 money &#1110t h&#1072&#1281 set aside t&#959 cover t&#1077rr&#1110b&#406&#1077 loans, h&#1077&#406&#1088&#1077&#1281 &#1110t post a confirmation profit even though revenue fell 6 percent, &#1072&#1109 fewer consumers refinanced home loans due t&#959 higher mortgage rates. T&#959 b&#1077 sure, residential mortgage lending volume w&#1072&#1109 &#1072t &#1110t&#1109 lowest &#1109&#1110n&#1089&#1077 th&#1077 fourth quarter &#959f 2008, during th&#1077 financial crisis. Wells Fargo m&#1072&#1281&#1077 $ 50 billion &#959f residential mortgage loans &#1110n th&#1077 quarter, less th&#1072n half th&#1077 $ 125 billion &#959f th&#1077 same period a year earlier, &#1072n&#1281 down fr&#959m $ 80 billion &#1110n th&#1077 third quarter.



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Posted by on Jan 14 2014. Filed under FINANCE. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.

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