Tuesday, July 10, 2012

Another record quarter of profits for Wells Fargo expected

Analysts expect Wells Fargo will post another record-setting quarter of profits when the bank announces its second quarter earnings Friday, according to a research note from analysts at Barclays.

Wells will again join JPMorgan Chase as the first banks to report earnings for the quarter. The consensus is that Wells will report earnings of 81 cents per share, or about $4.3 billion. That would be up from 75 cents per share, or about $4 billion, in the first quarter.

Of late, Wells Fargo has been expanding its loan portfolio, organically and through acquisitions, and has been raking in mortgage fees through the wave of refinancing.

The San Francisco bank has posted record-setting quarterly profits since 2010.


Anonymous said...

Whew. fortunately the corporate machine can report RECORD PROFITS while middle class America slides in to obscurity, the nation's infrastructure resembles a third world nation, and the education system loses more and more ground every year.

Clearly it is those taxes and regulations keeping corporate America from reaching their ull potential.

Anonymous said...

Record profits, but Wells Fargo continues to lay off employees. Sad.

Anonymous said...

Did the Wells earnings announcement feature any of the cocaine dealers that they provided money laundering services for?