Wells Fargo reported third quarter net income for its wealth management unit rose 22% year-over-year, contributing to a strong overall earnings report for the company.
The San Francisco-based firm said that net income for its Wealth, Brokerage and Retirement division rose to $550 million for the third quarter, up from $450 million from a year ago. The unit's total revenue grew 7% year-over-year, rising to $3.5 billion from $3.3 billion. Noninterest expenses rose 3%, increasing to $2.69 billion from $2.61 billion.
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