| Wells Fargo 3Q profit falls 23 percent By the Associated Press SAN FRANCISCO (AP) -- Wells Fargo says third-quarter profit fell 23 percent as it took losses on investments in troubled financial companies. Results, however, topped analysts expectations. The San Francisco bank says it earned $1.64 billion, or 49 cents per share, compared $2.17 billion, or 64 cents per share, a year earlier. The bank says total revenue rose 5 percent to $10.38 billion. Thomson Reuters says analysts had expected a profit of 41 cents per share on revenue of $10.96 billion. Wells Fargo says results were hurt by write-downs on investments in Fannie Mae, Freddie Mac and Lehman Brothers, as well as an increase in credit reserves. Wells Fargo last week won a heated contest with Citigroup for control of Wachovia Corp. The bank took a $2.5 billion provision against potential bad loans. Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Neither these AP material nor any portion thereof may be stored in a computer except for personal and non-commercial use. AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing. Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |
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