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Article: Wells Fargo 4Q Profit Drops 38 Percent
- Article from:
- AP Online
- Article date:
- January 16, 2008
- Author:
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Wells Fargo & Co. ended 2007 with its lowest quarterly profit in six years, dragged down by the declining home values and mortgage mess that's tormenting most of the banking industry.
The San Francisco-based company said Wednesday that it earned $1.36 billion, or 41 cents per share, during the final three months of the year. That was 38 percent below net income of $2.18 billion, or 64 cents per share, at the same time in 2006.
The results matched the earnings estimates of analysts, who had already factored in a series of charges and loan loss reserves that Wells Fargo had announced in November.
It marked Wells Fargo's weakest profit since the final three months of ...