Third quarter net profits at Wells Fargo’s
retail-focused Community Banking division have fallen 27% to $2bn,
compared to the year ago period.
Total group profits declined 5% to $8.95bn in
the three months to 30 September.
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However, the retail unit posted continually
rising profits quarter-on-quarter this year, rising from $1.45bn in
the first quarter to $1.8bn in the second.
The group recorded its highest quarterly
income ever in the third quarter, up from $3.2bn a year ago to
$3.34bn, in the third quarter of 2010.
Since its merger with Wachovia in December
2008, group cumulative net income has totaled $21.2bn.
“Record earnings in the third quarter
reflect the success of the Wachovia merger and the benefits of
Wells Fargo’s steady commitment to our core business of helping
customers succeed financially,” John Strumpf, chairman and CEO,
said.
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By GlobalData“Our results have shown that this landmark
merger is a big success in terms of cost savings, revenue synergies
and the quality of the [Wachovia] integration.”
