Thursday, January 16, 2014

Wells Fargo is the country's most profitable bank

Wells Fargo is now the most profitable bank in America.

As the nation's biggest banks wrap up their fourth quarter earnings reports, the San Francisco bank's performance in 2013 was enough to snag the top spot from the largest U.S. bank by assets, JPMorgan Chase.

Wells Fargo reported this week that it earned $21.9 billion over the course of the year, after four quarters of record profits.

The performance came despite a significant slowdown in mortgage income as interest rates rose, a big blow to the nation's largest home lender. But it also marks a milestone for what was only a few years ago considered a regional player that shunned Wall Street.

Wells Fargo keeps its largest employee base in Charlotte. The bank's acquisition of Charlotte-based Wachovia helped initiate Wells' national ambitions.

JPMorgan had net income of $17.9 billion, down 16 percent as the bank battled federal investigations and negotiated a massive legal settlement.

Citigroup announced today that it earned $13.6 billion in 2013. Bank of America earned $10.1 billion. Goldman Sachs earned $7.7 billion.

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3 comments:

Willy Loman said...

That was one HUGE SCORE Wells made when it picked up Wachovia for pennies.

Anonymous said...

Great for WF shareholders. But WF treats their employees like crap!

Anonymous said...

"Anonymous said...

Great for WF shareholders. But WF treats their employees like crap!
January 17, 2014 at 4:53 AM"

If you are an employee, you should be grateful that you have an income!