Wells Fargo sees rise in lending

NEW YORK (AP) — Wells Fargo says the economy is getting better — it sees signs of recovery in its loan business. But the big bank may be more of an exception than a leading indicator.

Breaking from the cautious, even downbeat forecasts of rivals like JPMorgan Chase & Co., Wells Fargo on Wednesday used words like “favorable” and “confidence” about its future amid tentative signs that its loan defaults are close to a peak or already have peaked. The company believes the recession-weary consumer could be making a comeback.

The company is way ahead of other banks, although the CEO Bank of America, which lost more than $5 billion last quarter, expressed mild optimism that sagging consumer sentiment may be turning around.

Tags: us business, wells fargo, business, bank, lending