Wells Fargos Wealth, Brokerage and Retirement unit weathered a slow third quarter as the firm celebrated the five-year anniversary of its announcement in early October of 2008 that it planned to acquire Wachovia.
For the quarter, revenue remained mostly steady for the unit, rising one percent from last quarter. The firm posted a $450 million profit, up from $434 million last quarter, after benefitting from a $38 million boost from a reversal in provisions for credit losses. Excluding that lift, the units profit fell $12 million from the second quarter as transaction revenue and commissions slowed and expenses rose. Revenue was in line with prior quarter as increased net interest income was mostly offset by lower brokerage transaction revenue, the firm said in its earnings release, which attributed the decline to seasonality.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access