Published April 10, 2009, 07:50 AM
Wells Fargo projects record profit
Wells Fargo & Co. said Thursday it expects record first-quarter earnings of $3 billion, easily surpassing analysts’ estimates and providing an encouraging sign for the banking industry.
NEW YORK (AP) — Wells Fargo & Co. said Thursday it expects record first-quarter earnings of $3 billion, easily surpassing analysts’ estimates and providing an encouraging sign for the banking industry.
Wells Fargo is the first major bank to give an indication of how the first quarter looked. Several pessimistic forecasts about potential loan losses have jolted the market in recent days, and investors have been anxious ahead of next week’s reports from Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co.
Tags: wells fargo, business, profit, economy, bank
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