CEO Dick Kovacevich

Wells Fargo & Co., the nation's fourth largest bank by assets, is set to report its third-quarter results before the market opens on Wednesday. The market wants to see signs that loan losses are stabilizing and that the bank's core retail banking business is on solid footing. But analysts are bracing for the San Francisco-based bank to report more loan losses after results from JPMorgan Chase & Co., Citigroup Inc. and Bank of America Inc. last week showed consumers and businesses are still having trouble paying off their debts. According to a poll by Thomson Reuters, analysts are expecting Wells Fargo to post earnings ... Read Full Story

Among the earnings stories for Wednesday, Oct. 21, from AP Financial News: Top stories: NEW YORK (AP) — Wells Fargo & Co. reported a $2.6 billion third-quarter profit as the company's retail banking operations, including the businesses it acquired with the purchase of Wachovia Corp., offset rising loan losses. Other stories: SAN FRANCISCO (AP) — EBay Inc. said that even as third-quarter net income dipped 29 percent, its revenue rose largely because more people and merchants are using PayPal to pay for things online. JACKSONVILLE, Fla. (AP) — FIS, which provides technology services to financial firms, said its third-quarter profit jumped 55 percent as ... Read Full Story

Wells Fargo said Wednesday its third quarter earnings rose to a record 3.2 billion dollars, as the banking giant managed to profit from mortgages and consumer credit despite a weak economy. The profit was up 98 percent from a year ago and amounted to 56 cents a share, far ahead of analyst expectations for earnings of 37 cents per share. Revenues doubled to 22.5 billion dollars, helped by the acquisition of troubled rival Wachovia. The San Francisco based bank, the fourth largest by assets, said its integration costs for Wachovia were lower than anticipated, helping overall profits. "Doing what's right for our customers again ... Read Full Story

Wells Fargo said Wednesday its third quarter earnings rose to a record 3.2 billion dollars, as the banking giant managed to profit from mortgages and consumer credit despite a weak economy. The profit was up 98 percent from a year ago and amounted to 56 cents a share, far ahead of analyst expectations for earnings of 37 cents per share. Revenues doubled to 22.5 billion dollars, helped by the acquisition of troubled rival Wachovia. The San Francisco based bank, the fourth largest by assets, said its integration costs for Wachovia were lower than anticipated, helping overall profits. "Doing what's right for our customers again ... Read Full Story

NEW YORK (Reuters) - Wells Fargo & Co <WFC.N> said on Tuesday former Chief Executive Dick Kovacevich will retire as chairman on January 1 and current Chief Executive John Stumpf will take on the added role. Kovacevich, who will be leaving after 23 years with the San Francisco-based bank, last year agreed to stay on as chairman for an interim period past his retirement age while Wells dealt with its acquisition of troubled bank Wachovia Corp. The bank's board in November granted an exception to its mandatory retirement age of 65 for senior executives to allow Kovacevich to stay on -- he will be ... Read Full Story