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Wells Fargo posts higher profit on cost controls, rise in loans


Reuters: Wells Fargo & Co. reported higher quarterly profit today despite flat revenue as the bank benefited from aggressive cost-cutting. Revenue declined at Wells’ community bank and wholesale bank as net interest income was squeezed by lower interest rates and higher deposit costs. But profit in those segments jumped 26% and 6%, respectively, due to lower overall costs. Total expenses dropped 4% to $13.4 billion and total net interest income fell 3% to $12.1 billion. Wells Fargo has been leaning on cost cuts to stabilize its bottom line amid sluggish revenue trends in the wake of sales practices scandals that spread to each of its primary business segments and claimed two chief executives.

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