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Wells Fargo Bank N.A. News
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Wells Fargo reports net income of $3.06 billion; up 20% from prior quarter
July 20, 2010
Wells Fargo & Company, which purchased Wachovia in 2008, reported diluted earnings per common share of $0.55 for second quarter 2010 compared with $0.45 for first quarter 2010 and $0.57 for second quarter 2009. Net income was $3.06 billion for second quarter 2010 compared with $2.55 billion in first quarter 2010 and $3.17 billion in second quarter 2009. For the six months ended June 30, 2010, the Company's net income was $5.6 billion, or $1.00 per share, compared with $6.2 billion, or $1.13 per share, a year ago."Over the course of the quarter, our 278,000 team members focused steadfastly on serving customers, generating strong earnings performance across our diverse lines of business and increasing market share across many of our businesses," said Chairman and CEO John Stumpf. "We also made strong progress in the successful integration of Wachovia. We have completed approximately half of the integration process, as we prepare to convert our eastern markets to Wells Fargo beginning in the fall."
Wells Fargo's consistent business model and strong financial performance position us to serve a key role as our nation continues to recover from the recent financial crisis and regain its economic vibrancy and leadership. Having long supported a legal and regulatory environment that promotes consumer protections, financial reporting transparency and clarity, as well as prudent risk management, we support the general principles inherent in the financial reform bill, as they are consistent with how Wells Fargo operates. We remain concerned that some aspects of regulatory reform may have unintended negative impacts for America's financial system, consumers and businesses.
"Nevertheless, as this new chapter in financial services begins, we will remain true to our time-tested business model by deepening customer relationships, cross selling our array of financial products, increasing the number of accounts and providing superior customer service. We are encouraged by signs of continued improvement in the credit landscape. We remain confident about Wells Fargo's future and are optimistic about America's road to financial recovery."
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