April 21, 2010

Wells Fargo reports $2.37 billion profit from 'real economy'

Wells emphasized that its earnings came from all its business units, with recession- proof items such as debit cards, insurance and retirement services posting strong results. The San Francisco bank sought to set itself apart from big rivals Bank of America, J.P. Morgan Chase and Citigroup, who in the past week have reported big earnings based on investment banking activities. Those Wall Street services, such as trading bonds or packaging securities, carry the potential for big profits but also big risks.

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