Wells Fargo Profit Rises 22%

The nations largest home lender, Wells Fargo has posted some positive numbers for their first quarter. Wells Fargo reported a 22 percent increase in their first quarter profit on Friday. According to the article, Wells Fargo is responsible for about one third of the the country’s mortgages. Wells Fargo’s performance relies heavily on how the housing market is performing and it is how important to see how they will perform in the future as housing market is showing signs of slow growth.

Wells Fargo is just another bank that has reported positive numbers during the first quarter. Along with JP Morgan, the positive signs from corporations shown in recent months has put hopes in a return of banks. With Citigroup and Goldman Sachs still have not reported, the banking industry looks at huge improvements.

I think this is great news for the banking industry and the economy as a whole, I hope that many more banks will report positive earnings and show signs of improvements from the past few years. There is finally hope.

-Derby Ng

http://dealbook.nytimes.com/2013/04/12/wells-fargo-profit-rises-22/?ref=business

 

 

 

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