Wells Fargo profit up 13 percent as revenue slip is offset by lower expenses and bad loans

  • Article by: MARCY GORDON , Associated Press
  • Updated: October 11, 2013 - 3:35 PM

Third-quarter profit for Wells Fargo & Co., the biggest U.S. mortgage lender, jumped 13 percent as a decline in revenue from mortgage lending was offset by reduced expenses and fewer soured loans.

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swmnguyOct. 11, 13 8:12 AM

So they're doing less business but they're more profitable on a percentage basis because they've dumped their bad loans on the Federal Government, they're making a lot of money on fees, and "reduced expenses" usually means either layoffs or wage/hour freezes.

It's good to be the king.

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naseth12Oct. 11, 13 9:09 AM

swmnguy - You took the words out of my mouth...

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cheiron55402Oct. 11, 13 1:41 PM

So...profits were up, but they still laid off employees.

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